Critics of FSA proposals to up firms' capital adequacy requirements are calling on advisers to have their say after the regulator revealed it had so far received only a handful of responses to its plans.
Less than a week before the end of a five-month consultation, the FSA says it has received 15 responses compared with almost 800 to the Retail Distribution Review's (RDR's) first paper in June 2007. The FSA says trade associations are among the 15 respondents and represent "thousands" of firms and individuals, but trade bodies were also listed among the 768 responses to the RDR in 2007. Small firms, national IFAs and support service providers have joined forces to condemn a move they say could lead to a "cataclysmic" drop in the number of advisers over the next few years. "This is the...
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