Adviser questions FSA motive for cap ad delay

Simon Webster, managing director at Kent-based Facts & Figures, suggested the two-year deferral had been offered as a “sacrificial lamb” to the industry while the FSA presses ahead with other changes he said were more important. This week, the FSA said the introduction of rules requiring firms to hold more capital would be phased in from December 2013, rather than December 2011 as originally planned. Under the new regime, firms must hold capital resources equal to at least three months of annual fixed expenditure. The minimum threshold will be £20,000, double the previous £10,000. ...