View more on these topics

Who will follow in Howard&#39s way?

It looks like it is not only IFAs who had a tough year in 2002. Unlike Sir Howard Davies, however, they don&#39t have the option of bowing out of the industry for a job in academia.

It may come as a surprise to IFAs that the FSA chairman and chief executive, long believed to be a lover of the limelight, is leaving the regulator next September for the comparatively less public role of heading the London School of Economics.

He will leave behind him a mixed legacy from his six years at the helm of the FSA and its predecessors.

Credit must be given for the job he and his team have done in bringing together 10 separate regulatory bodies into one functioning organisation.

However, serious doubts remain about the FSA&#39s ability to deal with crises which emerge. The list of unresolved issues is long – Equitable Life, mortgage endowments, split-cap investment trusts and professional indemnity insurance to name but a few.

Now that Davies has given notice, the inevitable debate about separating the roles of chairman and chief executive re-emerges.

It is essential not only for the roles to be split but for a new chief executive to be named as soon as possible. It only makes sense for the new person to shadow Davies for as long a possible. The role of chairman can probably wait.

Otherwise, come next September, the FSA, the industry and consumers will have to deal with two new faces, a situation which cannot be considered desirable by anyone.

Money Marketing believes the Chancellor would be wise to appoint a chairman from the industry and a chief executive with practical experience in running a regulator. But whatever his decision, he should split the roles and announce the chief executive soon.


Cazenove merges three funds to create global fund

Cazenove Investment Managementt has merged its Japanese, North American and Pacific funds to create the global opportunities fund.This Oeic aims for capital growth by investing in a portfolio of between 60 and 80 global stocks, excluding the UK. Cazenove believes UK investors are more likely to seek exposure to their domestic market through a UK […]

Bupa creates condition-led PMI

Bupa has designed a private medical insurance (PMI) plan that provides cover only for cancer and heart conditions.Bupa heartbeat heart and cancer was created after Bupa research found eight out of 10 respondents were worried about cancer and heart conditions the most. The plan covers the initial outpatient consultations and diagnosis to find out whether […]

Isas buck trend as net retail sales rise again UK funds suffer their biggest fall since 1990

Net retail sales of investment funds increased to almost £500m last month but Isa sales slowed to less than £225m, according to the Investment Management Association.The IMA&#39s monthly figures show that, while net retail sales rose to £493m in November from £453m in October, Isa sales slipped to £224m from £238m.Investment funds under management last […]

Shock as pension overhaul leads to single tax regime

IFAs have been stunned by the radical overhaul of the pension regime proposed by the Government which will see the eight existing tax rules rep-laced by a single regime.From 2004, current annual contribution limits will be replaced by a single indexedlinked lifetime limit of £1.4m on an individual&#39s pension fund at retirement.Individuals will also be […]


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