View more on these topics

Which? wants FSA levy to fund scheme

Which? says industry funding for generic advice should come from the FSA levy but the Investment Management Association says this could alienate the industry and a voluntary scheme is needed.

Speaking at an IMA fringe event at the Labour party conference, Which? campaign team leader Doug Taylor said the FSA levy seems “the only sensible way it could work” although the scheme should be run by a separate body with FSA involvement around regulation.

But IMA chief executive Richard Saunders warned that a levy would be seen as an industry tax and said a voluntary arrangement is the best way forward.

Saunders said: “Our preference is to get the industry behind it and to get it to want to fund something with clear benefits to consumers and themselves.”

Taylor said funding for the scheme could come to £200m a year and his preference is a new body to run the scheme, with FSA involvement with regulatory issues and to ensure quality assurance.

He said the success of the scheme depends on all providers becoming involved and stressed there must be no brand awareness to ensure the feeling of independence.


Boulger sees problem defining who is an FTB

Mortgage experts are warning that the Tory plan to abolish stamp duty for first-time buyers on homes costing up to 250,000 faces a fundamental problem of defining who is a first-time buyer.John Charcol senior technical manager Ray Boulger says that although the broad basis is spot-on, the detail of the proposals is not.He says: “The […]

CII urges FSA to boost professionalism in its RDR response

The CII is calling for a single set of standards, a new complaint system and harsher sanctions to build professionalism in the industry in its first response to the FSA’s Retail Distribution Review discussion paper.The paper, titled ‘A Professional Body for Retail Financial Services?’, outlines what professionalism would look like in a post-RDR environment.The CII […]

Paradigm Mortgage Services launches with 500 individuals signed up

Paradigm Mortgage Services has officially launched to market today, with 500 individuals already signed up.The Paradigm proposition is open to directly authorised firms offering intermediaries access to lenders covering the whole of the market, coupled with a range of mortgage-related support services. Paradigm is unique in that its members will share in the capital growth […]

The Day of (B)reckoning

A period of exceptional uncertainty started last Friday for the UK, including a fierce leadership battle in a deeply divided Conservative party, the timing of the trigger of the EU’s Article 50, as well as a potential referendum in Scotland, and Northern Ireland. Click here to read the full article


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm