Thursday, August 26, 2010

MM Leader: Don't make IFAs scapegoats in Keydata blame game | Opinion | Money Marketing

MM Leader: Don't make IFAs scapegoats in Keydata blame game | Opinion | Money Marketing


If IFAs can be made scapegoats by anyone then that is what will happen because their representative bodies are either toothless or penniless, something the fund managers do not worry about too much.

The FSCS declaration that Keydata was an intermediary is one of the most irrational decisions I have seen in all my years of observation of all things FS. I wonder what the judiciary will make of it now that the New Labour thumb is not in its jugular.

As far as the FOS is concerned it will award as much compensation as it wishes, as one adjudicator once said to an IFA "I can do whatever I want" and "you will be getting a reputation".

Be afraid, be very afraid.

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