Myners raises IFA cap ad query in Lords

The Labour peer, who held the ministerial role between 2008 and 2010, tabled a written question on the issue in the House of Lords this week. He enquired whether the government will ask the FSA to undertake the review, "with a view to determining whether those requirements are proportionate to risk and whether they constitute an inhibition on the development of the independent advisory sector". In reply, Lord Sassoon, the commercial secretary to the Treasury, said the FSA decides capital requirements for IFAs, independently of the government. He added: "Requiring PIFs (personal inv...