John Glen MP: Consumers trust advisers more because they pay levy for failed firms

PIMFA Virtual Fest V2 2021

Sophie King
clock • 2 min read

Economic Secretary to the Treasury John Glen MP has said "responsible" advisers benefit indirectly from greater consumer trust because they stump up fees for the Financial Services Compensation Scheme (FSCS).

Speaking at a PIMFA event on Tuesday (9 March), Glen (pictured) acknowledged the growing concern around the escalating costs of the levy and, while he understood the frustration the profession may feel with increasing levy bills, he said it ultimately benefits advisers. "I want to reassure you the Treasury is working closely with regulated authorities to better understand this issue," he told delegates. "However, I would encourage you to remember that, while it is responsible firms that pay the levy, they do also benefit, albeit indirectly, because consumers will feel more confident a...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Financial risks of romance scams: What advisers need to know

Financial risks of romance scams: What advisers need to know

'Romance scams are a significant threat to clients' financial and emotional well-being'

Louise Cockburn
clock 13 February 2025 • 4 min read
Advice firms move away from generic platforms as customisation gains momentum

Advice firms move away from generic platforms as customisation gains momentum

Advisers increasingly favour branded and customised platform models

Sahar Nazir
clock 13 February 2025 • 2 min read
Lumin Wealth adds £50m in AUM with latest acquisition deal

Lumin Wealth adds £50m in AUM with latest acquisition deal

Bought Reading-based Professional Financial Centre

Jenna Brown
clock 13 February 2025 • 1 min read