FSA wants rid of small firms - Burns Anderson

Speaking at the Professional Adviser Summit, Hughes hit out at suggestions the network model is dead, turning the tables on directly authorised smaller firms. He said even the FSA thought they were doomed to failure because of their unsustainable business models. "Many have said the situation with Millfield and Berkeley, Berry Birch, could spell the death of networks," he said. "But these businesses failed because they were badly run businesses, not because the network model is bad. "The trend has been to move away from networks and go direct but the FSA is looking at this and...