What an interesting letters section last week.
First, concerning the letter headlined, Call banks to account, I totally agree with Julian Stevens' comments but why stop at banks? Building societies, national and local, are only concerned in “selling” financial products and no regulator, going back to Nasdim (remember?) days has had the balls to address the problem.
Any good business should give its salesforce targets but it should not be at the cost of giving proper advice to customers. Unfortunately, the people heading these organisations, the so-called fat cats, do not have to worry. They get it wrong and they are sacked with an obscene payoff.
Regulators will always kick the independent adviser sector because the banks and building societies have the financial clout to buy themselves market share and cough up the regulator's fines without flinching – their customers pay!
Turning to David Barnett's comments in the letter headlined, Basket case, it would be funny if it were not true. I have said many times that since the Financial Services Act 1986 became law, no regulator, including the FSA, has any real interest in the IFA who gives a valuable personal service to clients.
As a legal practice, we value the services of IFAs, both big and small, and they, in turn, value our services.
Isn't this far more important to the people who matter -our mutual clients? After all, without them, we would not be in business.
Practice development manager,