The majority of IFAs do not think the Financial Services Authority is treating the industry fairly, according to the latest IFAonline industry straw poll.
In response to the question, “The FSA has published TCF guidance online, but do you think it treats the industry fairly?” 99 (71%) of the 140 responses replied, “Don’t make me laugh!”
A further 16 (11%) answered “sometimes yes, sometimes no”, while 18 (13%) said the FSA was generally ignorant of their concerns and seven (5%) replied “generally yes, but it uses sticks not carrots”.
Ken Boyd, a retired IFA, says: “Were one to treat clients unfairly there would soon be no clients. The gobbledegook that the regulator issues defies all reason. What I believe is that the FSA should treat IFAs fairly, but of course that concept is so foreign to the regulator it won’t even consider it. The constant double standards of the regulator more than annoys any decent practitioner.”
Tony Pentland, director of Shaw Gibbs Financial Services Ltd, adds: “It seems to me that decisions are made about my industry that I have no recourse to, never mind any consultation on. It is always people from outside the business who are able to regulate us and I wonder if they know how to treat a customer, sorry client, fairly.”
And Des Rushworth of Manning Rushworth says: “They suggest that we treat customers fairly. I believe we already do, but we now have to put in a system to check that we do and report on it, which costs money, and then they reduce the amount we can earn by pressuring the providers to reduce commission levels. Whilst regulation is forcing the bad advisers out of the business it is the ones left who are paying for it. How can this be fair? Perhaps the FSA should bring out legislation to treat firms fairly.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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