View more on these topics

Why stop at banks when societies are also to blame?

What an interesting letters section last week.

First, concerning the letter headlined, Call banks to account, I totally agree with Julian Stevens&#39 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&#39s fines without flinching – their customers pay!

Turning to David Barnett&#39s 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&#39t this far more important to the people who matter -our mutual clients? After all, without them, we would not be in business.

Barry White

Practice development manager,

Humphries Kirk,

Dorchester

Recommended

Baring sets up Asian hedge fund

Baring Asset Management is offering an Asian fund of hedge funds which it expects will generate returns around 7 per cent above three-month US Treasury bills which are currently returning 1.14 per cent. The fund will invest primarily in equity long/short Asia Pacific hedge funds and aim for maximum 9 per cent volatility, as opposed […]

Equitable cuts court claim

Equitabe Life has filed a reduced claim against former auditor Ernst & Young of £500m after its original £2.6bn claim was thrown out by the High Court in February. Equitable claims the auditor did not make it fully aware of the extent of its liabilities. Equitable says it will also appeal against the decision on […]

Talkback

“He has always been portrayed as whiter than white but, if you look at the Pru&#39s track record, he may not be as white as we are led to believe. Sir Peter Davis heading the Government&#39s employer pension taskforce could be like the poacher becoming the gamekeeper.” Christopher Hind, Crossley MacKenzie “Yes. It is just […]

Treasury pledges an open market for CTFs

After two years and three rounds of consultation, the Treasury has finally announced the launch of its Child Trust Fund savings initiative, although final details will not be published until the summer. The scheme, which is expected to be available from 2005, will see initial cash endowments of £250 for every child born since September […]

'Feeling the Squeeze'

Royal London carried out a UK wide survey with 2,500 consumers age 35-44 over the summer. The survey found that over a third, 34 per cent, said their finances felt Squeezed and so were struggling to meet day-to-day expenses, despite 87 per cent being aware that they need to save more. However, the survey did […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment