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Why is the FSA crippling smaller companies?

David Kenmir is quoted as saying: “We appreciate that we need to do better in communicating likely changes (for which read massive increases) to the [mainly FSCS] fees.” Please, Mr Kenmir, spare us such vacuous platitudes. What the FSA needs to do is stop forcing on the industry all the things that are causing these huge cost increases in the first place.

And how jolly nice of him to say the FSA appreciates the efforts most IFAs have made to pay the costs in full. What a great guy! The only reason IFAs have paid up is that they fear the FSA will hammer them even harder, or put them out of business if they don&#39t.

If the FSA remains hell-bent on breaking the backs of small IFA firms – as appears very much to be the case – it might at least have the decency to be honest about it.

Julian Stevens




LIA and Aifa attack FSA move to &#39de-skill&#39 advice

The LIA and Aifa say FSA plans for simplified products will de-skill financial advice and they want to see qualifications for the sale of stakeholder products. The LIA and Aifa are pressing for an exam and training sessions for people selling the simplified products. They are against FSA proposals that would see a scrip-ted list […]

Duffy on Mortgages

The first full year of co-education has just finished for the FSA and the AMI. Let us look at the AMI&#39s report first. “An excellent start to its first year. The AMI is a popular, intelligent and communicative member of the mortgage class and can develop further.” Around 12,000 professional members and 30 associate member […]

CA snubs ABI consumer confidence claims

Consumer groups have hit back at ABI claims that the industry has started to rebuild confidence in financial services. Speaking at the Which? fringe meeting at the LibDem conference, ABI head of media and political affairs Alan Leaman said there is a real danger that the progress which has been made by life offices in […]

Customs briefing sets out position on network VAT

Support services providers could face Vat bills on member services but traditional networks will escape the charges, according to a leading tax expert. After industry pressure, HM Customs and Excise has issued a business briefing to explain how Vat should be applied to IFA networks in the future. The briefing, which was quietly issued to […]

Natixis video: Making smarter use of asset classes

Content supplied by Natixis Global Asset Management This video from Natixis Global Asset Management focuses on Active Share. One strategy for the smarter use of equity investments is ensuring you get what you pay for. According to the company, looking at Active Share can give you a better perspective on where performance comes from. Active […]


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