I write to express my gratitude to Towry Law, knowing that they have saved
IFAs so much money by reducing our potential liability to the ICS.
Nevertheless, it begs the question, given the unlimited liability we are
under – are these present arrangements an infringement of our [IFAs] human
rights”, for the following reasons.
First, as a separate collection of people, we are not an insurance company
but we are expected to act like one.
Second, we are not names at Lloyd's but it would appear we have an
Third, we have taxation without representation, by which I mean we have
all the liability but no choice regarding ICS pronouncements and decisions.
Would you not agree that these reasons alone are an infringement of mine
and other fellow IFAs' human rights?
It is about time that the regulator regulated the financial probity of
companies more effectively, especially large ones? In this way, if a
company was found to be in “default”, the aggrieved parties could take
action through the courts in the normal way.
Personally, I am sick and tired of paying for the mistakes of others
through the ICS.Can its actual existence not be challenged in court?
DPB Independent Financial Services,