David Kinloch, chairman of Isis Asset Management, has questioned the balance of some of the FSA's re...
David Kinloch, chairman of Isis Asset Management, has questioned the balance of some of the FSA's recent consultation papers, suggesting that in some cases, their content and direction has been unsound.
Commenting as the group released its interim results for the six months to the end of June 2003, Kinloch noted the additional administrative burden and costs involved by these consultations did not seem to be justified by improved investor protection or other benefits for the buyers of investment products. He said: 'I urge policymakers and regulators to focus on good regulation and investor protection and avoid seeking to become involved with interfering with proven business practices and defining how the commercial environment should work.'
For the six months to the end of June 2003, the group profit before tax totalled £11.4m, a fall of £1.3m from where it stood at the end of 2002. The earnings per share also fell 7.7% from 6.09p to 5.62p. However, the group's operating margin rose from 28.2% for the full year to 31 December 2002 to 31.9%, which it attributed to efficiencies achieved through the integration of Royal & SunAlliance.
Partner Insight Video: Advisers have had to adapt to the changing investment landscape.
Investment trust savings scheme