Friday, October 29, 2010

The Mcflipping point | Opinion | Money Marketing

The Mcflipping point Opinion Money Marketing


Someone once described gathering IFAs to speak as one as being akin to "herding cats".

I have tried to imagine a more difficult creature to "herd", how about sharks? No, Mike says you can use a piece of bleeding meat to gather them, how about slugs? No, Mike says you can use some lettuce... what can you use to gather IFAs?

Well, some like commission, some like fees, some like exams, some like blogs...

More than anything else they like to express their version of what is right or wrong, whether they are right or wrong, because they are always right!

Can you tell me whether your vision of the future and what the FSA is trying to achieve is what the man on the Clapham Omnibus wants, or needs?

Thursday, October 28, 2010

Bank admits to errors in its forecasting

http://www.independent.co.uk/news/business/news/bank-admits-to-errors-in-its-forecasting-2118402.html

The deputy governor of the Bank of England, Charles Bean, has admitted that the recession "highlighted shortcomings" in the Bank's economic forecasting models.
He said that even had the Bank considered the possibility that the economy could shrink by more than 6 per cent, as actually happened, the Bank would have put the chances as being "virtually negligible".

"One would need to be endowed with perfect foresight to have been able to predict how the financial crisis would unfold, spilling over from one institution to another, and from one market to another," he added. "Who knows what would have happened if, for instance, Lehman Brothers had successfully found a buyer that weekend in September 2008?"


Is he saying that nobody can see into the future?
 
These will be the top dogs in regulatory circles, they have all the power, the knowledge and the data yet they can’t be held accountable for their failure to forecast problems.

Yet, the regulators pillory small IFAs for not being able to forecast changes which took place after they gave advice in good faith under what was known as a “reasonably held opinion” many years ago.

MM leader: Engage with IFAs rather than scoring cheap points | Opinion | Money Marketing

MM leader: Engage with IFAs rather than scoring cheap points | Opinion | Money Marketing


A message from The IFA Defence Union

"Some politicians, a committee and their Chairman do engage.

Contrary to what your supposedly representative bodies say there is a need to provide real examples of how regulation is strangling you and militating your ability to do more for larger numbers of consumers.

Send us your thoughts, they can be made in confidence so that the regulators can't get back at you or you can be brave and let the politicians publish your feelings.

Make the most of the increasing pressure being applied to a failed regulatory system, make sure it doesn't continue as it has, or gets no worse."

Sunday, October 24, 2010

Why we must back UK plc - Telegraph

Why we must back UK plc - Telegraph

"Build wealth"?

For who? Or is it whom?

Is it the Man on the Clapham Omnibus? Or is it those at the top of the biggest Ponzi scheme of all?

Who notices these cuts? Cameron? Osborne? Hoban? Cable? HM Treasury? The FSA? The bankers? The City?

Who notices the taxes? Up goes VAT, down goes child benefit, who feels the pain?

Us, not them, not the 'Masters of the Universe', they are so divorced from the daily grid down here that we may as well not exist, like worker ants, or the host for all those parasites up top.

Time to look at this from the bottom up?

Bankers 'caused credit crisis for kicks' - Telegraph

Bankers 'caused credit crisis for kicks' - Telegraph

They are drug dealers, pushers, society is hooked on their drugs, from the top down, from Downing Street, the 'Masters of the Universe' can be compared to the criminal fraternity and their assets should be seized in order to repay the long suffering and ever so 'umble taxpayer.

All these bright sparks, the politicians and their banking buddies, the regulators, Lord Turner et al, yes the lot of them are a 'Collective Intellectual Failure", a pox on society.

We the people need some balance, I see less each day.

City fears new Bank of England powers will hit democracy - Telegraph

City fears new Bank of England powers will hit democracy - Telegraph

"Democracy", you 'avin a larf sir? Can anybody tell me when we ever had 'democracy'? It is a mirage dreamed up by the powerful and the wealthy, the rest of us merely exist day to day in order to keep them in the manner to which they have become accustomed.

Society is in dire need of balance, I see less each day.

Keydata bonds may destroy my factory: Successful manufacturer fights to survive investment disaster | Mail Online

Keydata bonds may destroy my factory: Successful manufacturer fights to survive investment disaster | Mail Online

From the Lampott site:

"Richard is an appropriately qualified (by advanced examination) pensions specialist"

The FSA is insisting that "advanced qualifications" be taken by all advisers in order to "raise standards" and "provide better outcomes for consumers".

Mark Hoban likened current adviser qualifications to "the same level as a diploma in shift management offered by McDonald's".

Well Mr Hoban, and Lord Turner, I only have FPC but despite my lowly qualifications I would never have advised this firm to invest even £5 in the Lifemark backed black hole.

Common sense and experience are more valuable than "advanced qualifications", the sooner you realise this the better it will be for the nation, if you look at all the brains at HM Treasury, the BofE and the FSA you can see that all those bright sparks failed spot the banking crises, Equitable et al. A trail of "Collective Intellectual Failure" of gigantic proportions and they get bigger each time!!

Friday, October 22, 2010

MPs frustrated with RDR trade body grilling | News | Money Marketing

MPs frustrated with RDR trade body grilling | News | Money Marketing

Of course people are scared of the FSA, it is the most powerful regulator on the planet.

Give a human being this power and he/she will abuse it, in this case by simply ignoring common sense, this applies in all cases were regulators control the regulated, take any business which has to adhere to ever more prescriptive regulations and you will find businessmen and their representative bodies who are fearful of 'inspectors' who can often be vindictive. IFAs suffer from the most onerous regulation in return for causing the least consumer detriment, is that fair and reasonable?

Is there balance?

Thursday, October 21, 2010

Moneysavingexpert.com founder echoes fears RDR will cut access to advice | News | Money Marketing

Moneysavingexpert.com founder echoes fears RDR will cut access to advice | News | Money Marketing

I have been told that Martin is a very successful man, made a fortune doing what he believes in, all completely unregulated.

He is right that an IFA is better than a tied agent for many reasons, primarily due to the choice of whole of market.

A senior FSA Director told me a bank's payment protection insurance was 'better than nothing' when I was describing the lack of choice with regard to income protection products offered by banks.

There is a distinct lack of understanding, appreciation and knowledge of what an IFA can do among regulators and politicians alike. They are wearing cloth ears.

Backbench MPs continue attack on the RDR | News | Money Marketing

Backbench MPs continue attack on the RDR | News | Money Marketing

Anyone else watch the recent programme on CH4 "Undercover Boss USA" - featuring the CEO of the 7/11 empire going undercover in the 7/11 outlets as a novice employee?

One store he visited sold more coffee than any other 7/11 store and he wanted to discover why - he didn't think it was the coffee, because it had the same coffee as every other store.

What he found was a manageress at that store who knew every customer, knew them by their first names, knew about their families, their ups and downs in life, their background and their future plans - it was that unique person and the relationships she had built with the customers that sustained that business.

Maybe, one day Mr Hoban might just spend time undercover with the IFAs who have established just those types of relationships with their clients. Yes, some will have passed exams, and some will not, but it is the relationships and the trust involved that provides the value to the IFA and the clients.

You never know, one day Mr Hoban will indeed wake up and smell the coffee - and ask himself, just as the CEO of 7/11 did

- why IFAs (exam passed or not) have the share of the markets that they do have, and others don't.

- and the high level of complaints that they don't have, and others do.

By Mike Fenwick

Tuesday, October 19, 2010

TSC MPs warn of RDR abandoning IFAs | News | Money Marketing#comments#comments#comments#comments#comments#comments#comments

TSC MPs warn of RDR abandoning IFAs | News | Money Marketing#comments#comments#comments#comments#comments#comments#comments

Committee member and Labour MP for Leeds East George Mudie said he represented constituents very unhappy about the RDR. Addressing Sinclair and Gazzard, he said: “I have a lad in his late 50s who has been in the industry for 20 years and you have left him abandoned because he is not passing the exams. He is out of a job.

“Is there an effort being made to get an assessment system that will rescue these lads and lasses who have been in this industry for many years and are now stranded and are not able to work in the future?

“You are saying there is a way forward but there are difficulties, are you intent on getting that way forward or is this just words?”




IS IT ILLEGAL?

Friday, October 15, 2010

FT Alphaville » What’s going on inside the FSA?

FT Alphaville » What’s going on inside the FSA?

Er.... does anyone remember the few hundred years before financial services regulation? Has regulation improved our lot? Is it true that all we have to show for all this regulation is thousands of regulators staring into the abyss? I wonder if the Monty Python team could do a sketch on regulation along the lines of "What have the Romans ever done for us? Or the Judean People's Front, or was the the People's Front of Judea? Who cares, we are in a mess and until regulation is based upon what society needs instead of all this top down 'Collective Intellectual Failure' we will continue to chew the cud and get absolutely nowhere.

Planning Portal - HBF chief warns of ‘anti-development feeling’

Planning Portal - HBF chief warns of ‘anti-development feeling’

More regulatory arbitrage doomed to failure.

Grand stands | Analysis | Money Marketing

Grand stands | Analysis | Money Marketing

If the adviser sector had stood as one and offered a home cooked solution the regulators would have listened and given it a chance.

The fact that the likes of Ken and Martin have their own agenda and refuse point blank to accept that you are all in the same boat is the reason why the loudest voices get heard, simply because they have the money (CII etc).

It is frustrating to watch but I am glad I am not regulated, I bet Ken is too.

Thursday, October 14, 2010

Hoban backs RDR move to fees - IFAonline

Hoban backs RDR move to fees - IFAonline

I can see where he is coming from.

But can he see where he is going to?

Yes there are problems with commission, there are also problems with fees, even if the advice was free there would be issues.

The RDR misses the target and the man with the crossbow is using a blindfold.

Top down regulation has failed, is failing and will forever fail.

Until what the consumer needs is the driving force behind regulation the efforts of Mr Hoban and his successors are doomed to failure, unfortunately it is society which pays the price for the failure of their elected representatives.

FTAdviser.com - Shapps fears locking another generation out of properties

FTAdviser.com - Shapps fears locking another generation out of properties

Organised chaos once again, par for the course for all these intellectuals. Another example of what Clive Briault described as a "Collective Intellectual Failure".

We have the FSA hammering the nails in the housing industry’s mortgage coffin, we have Pickles ripping out the heart of the already dead planning system, we have Hoban off doing his own thing, we have Turner blaming the ‘bad policy’ which he allowed to be implemented, we have Shapps blaming the “housing boom’ for all our ills while at the same time saying we can’t exclude another generation from the housing market.

I can’t see any joined up thinking, do you?

Let’s start at the bottom, chop up all this ‘top down’ regulation, it hasn’t worked, it isn’t working and it won’t work.

Let’s look at what the people need, let’s make a list and work out how we can provide it instead of faffing about with rules, regulations, restrictions and flawed legislation.

Go on, make a list, what are Joe Public’s priorities, need some hints? Well, they don’t have the same desires as bankers, politicians or regulators so we’ll scrap that lot straight away.

Do we need a revolution? Of sorts yes, but do the three monkeys want it?

NO

Wednesday, October 13, 2010

Paul Killik: The FSA is killing advisory stockbroking - Citywire

Paul Killik: The FSA is killing advisory stockbroking - Citywire

When I asked Hector what the RDR was all about he said "we thought if we raised standards everyone could become stockbrokers".

Is Mr Killick telling me that the regulator is on the wrong path to Valhalla?

Personally I wonder how a percentage of the sale of stocks is any different to any other form of commission, if the stockbroker advises the client to do nothing he doesn't earn any money, does he? It therfore follows that the cap does fit, you are indeed in the same box which is becoming more spacious by the week. Some might say that is what you get for being so full of self-interest, so blinkered, so short-sighted.

Barclays latest lender to defy FSA on PPI | News | Mortgage Strategy

Barclays latest lender to defy FSA on PPI | News | Mortgage Strategy

Par for the course isn't it!

When is the regulator going to nail these people once and for all, they grew fat on 'conditional' sales and now the worm has turned they are using the money to drag this out through the courts until the time runs out for their victims.

Comment: IFAs should not fear the fork in Standard's route ahead - New Model Adviser® Edition - Citywire

Comment: IFAs should not fear the fork in Standard's route ahead - New Model Adviser® Edition - Citywire

Pardon?

Standard Life signed up all sorts of tied muppets, Halifax for example, there were hordes of tied and now multitied agents, take Barclays for example.

The only fork I can perceive is the one in the tongue.

If Standard Lamp wants to win IFA friends and influence them it needs to make amends. Until then it will continue to see a net outflow of funds, which is probably why it is trying to flog off its 'investment' arm... er... who else announced a similar wheeze recently?

Lloyds risks FSA clash over customer PPI complaints - Telegraph

Lloyds risks FSA clash over customer PPI complaints - Telegraph

Can you imagine a government owned bank and a government controlled regulator having a 'clash', like one legged men in a bum kicking competition with a one legged referee...

Tuesday, October 12, 2010

FSA gains collective redress powers - Citywire

FSA gains collective redress powers - Citywire

The Financial Services Authority (FSA) has been granted the power to force businesses to establish collective redress schemes to compensate consumers and publicise enforcement actions earlier.

The power was created by the Financial Services Act 2010 and activated today along with others changes to the regulator. The FSA will use collective redress schemes where there is evidence of widespread failings following large numbers of claims made to the Financial Ombudsman Service over issues like Payment Protection Insurance.

‘This is an important new tool for the FSA, which increases our ability to get redress for consumers when firms have not followed our rules,’ said Sally Dewar (pictured), managing director of risk at the FSA. ‘The power would obviously be used proportionately. It is not a substitute for working with industry where there is the potential to bring an issue to a fair and speedy conclusion.’

The FSA has also acquired the power to publish decision notices ahead of final notices, which means that it can publicise enforcement actions rather than waiting for the Financial Services and Markets Tribunal to process appeals.

The Financial Services Act 2010 also removes the FSA’s statutory objective to promote public understanding of the financial system following the establishment of the Consumer Financial and Education Body.

Should be fun!!

Housing minister warns of letting down future generations | News | Money Marketing

Housing minister warns of letting down future generations | News | Money Marketing

I have no idea what his version of stability is, if you look at all the cuts facing families, the regulatory arbitrage over mortgages and the planning system hatchet job by Pickles you have to wonder where this 'stability' is coming from and what form it is expected to take.

I don't think they want to be voted in again, do you? Wilfully putting millions of homeowners in negative equity is not they way to win friends.

Lloyds snubs FSA as it puts PPI claims on hold - Telegraph

Lloyds snubs FSA as it puts PPI claims on hold - Telegraph


What is needed here is a class action by their 'customers', but will they be brave enough to confront their banks? We all know what they are like when it comes to "do you want to make this a formal complaint?", "have you considered finding another banking facility before you do?". The banks don't abide by DISP rules and yet they get away with it, why is that?

Come on FSA do what you do best, squeeze them where it hurts, threaten to ban them from selling insurance full stop.

Buy-to-let: the elephant in the room? «

Buy-to-let: the elephant in the room? «

Homelessness, inadequate housing, decrepit dwellings, a growing population, a collapsed banking system, a new and naive government, millions of opinions - all different.

In there we might find some balance but I can't be bothered to look, why? Too many flaming regulators, from planning departments to the ultimate bogeyman, the FSA, we are being pulled in all directions because we lack leadership with vision, none of them know what to do, that is my biggest disappointment after voting Tory for the fist time in my life.

PPI rules open door to retrospective regulation, says BBA | News | Money Marketing

PPI rules open door to retrospective regulation, says BBA | News | Money Marketing

The PPI gravy train has hit the buffers, it only took two decades, where would we be without regulation? We might be a lot better of without any regulation, much better than bad regulation and Adair Turner's 'Bad policy'.

Come on bankers, give the 'consumers' their money back and pay back the bonuses you have earned off the back of these 'conditional sales'.

I'll stand up in court when asked

Monday, October 11, 2010

IFAs helping Keydata clients face PII backlash - IFAonline

IFAs helping Keydata clients face PII backlash - IFAonline

Why is every man and his dog blaming every other man and his dog for all this?

All the while the FSA stays silent..

Is that what regulation is all about? Point, fine and ban?

One senior FSA figure told me they had a limited set of tools, you may wonder where 'tools' were mentioned in the FSMA 2000, you may wonder whether that tome of legislation created a regulator powerful enough to.. er... regulate.

Blame the lawyers and the politicians, they created this mess and they and the same architects of previous collapsed edifices will no doubt do the same thing again with the next 'new' regulator.

Linda Robson: 'I should have put away more money when I had it’ - Telegraph

Linda Robson: 'I should have put away more money when I had it’ - Telegraph


DON'T YOU HAVE A PENSION?
Yes. I started putting money into a pension plan about 12-15 years ago, but I don't know how well it's been doing. It's like I've got dyslexia when it comes to figures. When I sit in a meeting with a financial adviser I'm always feeling I don't want to listen – it just seems like too much effort. I had to be persuaded to buy our first house, for example, but I'm glad I did that now.


PERSUADED


It isn't the same as SALES

Saturday, October 9, 2010

Update from Mike Fenwick

Before my more detailed comments, I wish to place on record my sincere thanks to two people - Evan Owen and Rod Leonard for the support they have given me, whilst I carried out the research against which I make the comments below.

The jury is out on whether I should thank them for encouraging me back into a world of regulatory insanity, one that I thought I had left - altho' in more recent posts here, you will have seen me say that I had started and intended to continue.

Let me first make this distinction - it is something I recorded in a very early post on here - I do not believe that all IFAs, and their actions can be defended, I do however believe in financial advice which is truly independent.

You may not have seen this article in Money Marketing:

http://www.moneymarketing.co.uk/adviser-news/ifas-must-break-the-pattern-of-top-down-financial-hierarchy/1018926.article

It was as Evan commented, edited from the draft I sent to MM, but it does contain two sentences which I wish to highlight - these:

As an IFA, think of the FSCS. Your survival requires you to account for your own liabilities but also pay for the failures (undetected by the regulators) of everyone else. Similarly, the public must cough up for its own liabilities and for the failures (again undetected) of the banks.

There can be no IFA who is unaware of the issues over the costs of the FSCS etc etc.

Equally there can be nobody in the UK who is unaware of the costs arising from the collapse of the Banks.

They are both issues where the innocent are asked to pay for the costs of the guilty.

I have another article to prepare for MM - in which I will start to offer suggestions as to how the FSCS could be totally reformed - apologies, but details have to wait until I have agreed the position with MM.

Now, I doubt whether most, if not all, IFAs would understand why I am targeting the issue of bank charges, but there is for me a very valid reason and it ties in with the distinction I drew above.

Good IFAs take on the problems of their clients, and broker their clients through the complexities of the financial world - it is that in that performance that they have value and add value.

In time I will attempt to show how by targeting one issue, in this case Bank charges, it is possible for IFAs, by resolving that issue for others, they can also address the issues they themselves face.

Are they same issues?

Well, here is an extract:

Referring to both the OFT and the FSA, and in particular to the waiver issued by the FSA, I ended my last post with this question:

What is it in the nature of their relationship, that allows them:

- complete control over the rights to justice of ordinary people,
- and the power to halt Courts of Justice stone dead in their tracks! Something not even Governments find easy to do.

Do IFAs feel that the FSA have complete control over their rights to justice?

Do IFAs feel that the FSA and the FOS can halt the Courts of Justice stone dead in their tracks?

And yet in that extract - I am not writing about IFAs directly, but about the millions of ordinary members of the public who have been denied their rights on this issue of bank charges.

Where is that extract from? A blog I am writing which can be found here:

http://notproven.blogspot.com/

The blog is very much work in progress, and I wish to see it finished asap. Then I will advocate the next steps - for those who are interested in restoring some sanity to the world of regulation, for themselves, AND the wider public.

Mike ...


PS: The FSA, OFT, Treasury Select Committee and others have been made aware of the blog, and whilst not yet complete I am now extending the list of those who I think need to be made aware of its existence. If any of you who are reading this post wish to advise others (who may not be on this IFADU list) of its content, please feel free to do so.

Reforming the Regulators - Adam Smith Institute

'..the annual cost of regulation to the British economy was an astonishing 10–12 per cent of GDP.....The economist Elaine Sternberg has observed that: ‘Regulation is typically part of the problem, not the solution. ..........One of the reasons for the failure of the regulatory agencies is the nebulous accountability regime. A House of Lords Select Committee inquiry into market regulators concluded that, paradoxically, they are accountable to everyone and no one.... Regulators should draw up strategic plans for reverting first to having only an economic, competitive market creating, role, and then their own demise. The costs of new non-economic regulation should be transferred to national or local government. Following the closure of each regulator, its remaining responsibilities should be transferred to the OFT.

Reforming the Regulators

George Osborne warns banks of new taxes - Telegraph

George Osborne warns banks of new taxes - Telegraph

Why do bankers receive bonuses in the first place? Aren't they lucky enough as it is to have a decent wage coming in? Do they know how high feelings are running right now while ordinary people who witness this culture of greed are being expected keep bailing the banks out?

FSA to fight banks over judicial review of PPI probe - New Model Adviser® Edition - Citywire

FSA to fight banks over judicial review of PPI probe - New Model Adviser® Edition - Citywire

Come on banks, hold your hands up, admit your guilt, stop faffing about.

And while you are at it how about reclaiming all those bonuses paid to bankers for flogging these useless policies?

I wonder how many 'customers' have managed to get a claim paid under these PPI contracts? I bet it is ZERO.

80% commission, good little earner, particularly when they own the insurer too!!

Friday, October 8, 2010

Thursday, October 7, 2010

Regulatory creep warning over rise in FOS award limit | News | Money Marketing

Regulatory creep warning over rise in FOS award limit | News | Money Marketing


CMS Cameron McKenna partner Simon Morris says: “The increase in the maximum award to £150,000 is concerning to the industry when FOS decisions are taken with limited due process.”

I haven't found any due process.

Aifa calls role of FOS into question | News | Money Marketing

Aifa calls role of FOS into question | News | Money Marketing

More "Issues of fairness" Hector?

The legal profession has an Ombudsman award limit of £30,000 when in practice, yet IFAs in retirement face awards of £150,000.

Is that "fair and reasonable", I would contend that it isn't.

The FSCS limit is far lower.

This compensation machine will become your prison, and theirs.

The malady lingers on | Opinion | Money Marketing

The malady lingers on | Opinion | Money Marketing

Talking about the FOS, journalists etc, what did you do with the Consumers Association samples of Which? magazine that I sent you when asked publicly for some Nic? You remember, the topic was did Which? have mortgage endowment 'best buys'. There are lots of such articles relating to guaranteed income/growth bonds, pensions, you name it. I can't publish because Which? set their legal dog, or dogs, on me. I also have articles from national papers describing the benefits of investments which bombed eventually.

What I am trying to say is that it doesn't matter if an adviser had an 'honestly held opinion' (so did the regulators at the time) that this or that product or investment was suitable for Mr & Mrs Public the FOS can, and more than often does, make it all up after the event and the adviser can't defend him/her self. For those of you standing outside this compensation machine which has become a prison it is a fact that you can't see the wood for the trees.

Having said all that I do agree with you that there are more useless advisers than you can shake John Tiney's big stick at. But there are also some highly opinionated journos with selective memory syndrome.

Wednesday, October 6, 2010

Advisers slam BBC Panorama pension probe | News | Money Marketing

Advisers slam BBC Panorama pension probe | News | Money Marketing

Raj Patel - You should spill the beans to the FSA and stop inserting more imbalance into this heated debate.

Yes commission has caused immeasurable problems but the 'concept' was sold by the providers, it is a 'drug' and they are the drug dealers, that is why the FSA wants to remove provider influence, the likes of Berkeley Independent Advisers, Berkeley Jacobs and Berkeley Berry Birch showed the regulators how unsavoury this business can be. Funny how many 'Berkeleys' there are among the cadavers littering the financial landscape!

Sunday, October 3, 2010

Saturday, October 2, 2010

More than 7,000 complaints lodged against banks every day - Telegraph

More than 7,000 complaints lodged against banks every day - Telegraph

Once upon a time a banker told me they built in "complaints shrinkage" of more than 5% of all new business, a bit like shops and shoplifting but more perverse, yes it is par for the course but the fact is that 90% of those who might have a valid complaint are too afraid to risk losing their 'facility'. As one recent complainant to saverjustice said: "the man at the call centre asked me if I wanted to make the complaint 'formal' and if i did it woudl be best to find another bank who would take me in, he suggested the Co-Op". let's look at this carefully, the FSA rules say that a complaint is an expression of disatisfaction whether made orally or in writing, the bank rep wanted the complainant to make it "formal" which means the banks own "rules" do not comply with the regulations. When I met the FSA I asked how many FSA staff supervise the banks the lady said "we have sixteen people supervising Barclays and they only look at the prudential requirements". I was stunned, still am, how on earth can the FSA ensure that the sales processes and complaints handling of the banks is up to its standards (whatever they are on a given day) when they only have sixteen people supervising a bank with more than 50,000 employees all on targets and bonuses?

To me the FSA loks like the local police force, they use up all their resorces on paperwork and easy targets, in the FSA's case it is the small IFA firms who as it happens 'generate' a tiny fraction of teh complaints.

Regulation is bust, society is in dire need of regulatory balance, I see less each day.

By the way, I am a regulatory consultant with almost three decades of experience in bad regulation created by bad government policy, blame the people you vote for and the 'architects' they employ who created every duff regulator to date and will create the next one.. oh and the same regulators (people) who have been around as long as I have.

Friday, October 1, 2010

Standard Life aims to double direct business by 2015 - New Model Adviser® Edition - Citywire

Standard Life aims to double direct business by 2015 - New Model Adviser® Edition - Citywire

Where would they be without depolarisation MkII, son of depolarisation, depolarisation rides again, depolarisation the sequel, AKA - RDR??

If they have so many "Orphans' now can anybody guess how many there will be post RDR? No? Don't care? Then you must be a regulator or someone who thinks the world will be their cockle and millions of consumers will be flocking to your offices. It is a mirage.

Yes another "Collective Intellectual Failure", pronounced syph.

Andrew Tyrie MP: the man scrutinising regulation of banks - Citywire#435777#435777

Andrew Tyrie MP: the man scrutinising regulation of banks - Citywire#435777#435777

Tomothy Burton: Standard Life was not 'named and shamed' until well after the sales of mortgage endowments fell off the cliff. It was me who uncovered this discrepancy between what Standard Life used to produce illustrations and the actual charges which created the built-in shortfall. What did the regulator do about this? It fought tooth and nail to prevent the release of information which would have resulted in the collapse of so many financial institutions who had bought into this Ponzi scheme.

But what has the FSA said about bank charges? Are they fair or not? Technically the FSA said they are unfair, publicly no such admission, no fines, no bans, nothing.

Make no mistake, the British consumer is not protected by regulation, the banks are though. Is this all for the common good? Is it right that the bankers carry on as if nothing had happened? Well, the regulators end up with a big 'banking' job so why rock the boat?

If anyone can prove to me that splitting the banks up will make any difference then they have my vote, until then perhaps they should leave our shores because we can't afford them, make sure they pay the taxpayer back first!!