AIFA chairman blasts FSA

John Gummer told the FSA “you do not make good law by bad cases” and said the concept of principles based regulation was “a very dangerous master” adding: “interpretation of principles is a very dangerous and a very difficult thing to do.” And he led the attack on any attempt to make financial advisers switch to fees if they want to keep the title of independent stating that without commission those on lower incomes would simply be forced to buy generic products which were no good for their personal circumstances. He said there was a fundamental difference between those who were used to pa...