Industry news and views from Panacea and our partners.
FSA/FCA_
TSC RDR survey about to close, have your say today!
There are just a few days to go to have your say in our survey on The Treasury Select Committee's RDR report
Be careful what you wish for!
Early last week the FSA responded to the recommendation to extend the RDR deadline by saying it remains committed to implementation from January 2013 and will provide a formal response in due course.
IFA letter of the week
Although we still have to wait for a formal response I see the FSA has already underlined its determination to stick to the original schedule, so in effect they have rejected the report. I personally don't see it making any significant difference to RDR but may be wrong.
Foot Anstey latest news
The failed judicial review by the banks of the FSA's PPI Complaints Rules may leave some IFAs with mixed feelings. Whilst there appears to be little dispute that...
Watching me, watching you!
I was reflecting on the weekend demise of the News of the World following the great phone tap debacle and must admit to some concerns. I am minded of the quote from the former US President Ronald Reagan, who I met in very strange circumstances a good few years ago. He said in a speech Government exists to protect us from each other. Where government has gone beyond its limits is in deciding to protect us from ourselves.
Resources Compliance - Compliance Tip - July 2011
The FSA published CP11/10, their Consumer Complaints consultation paper in May. This paper actually contains 'made' final rules relating to changes in the complaints handling (DISP) procedures and some associated matters
Watching me, watching you!
I was reflecting on the weekend demise of the News of the World following the great phone tap debacle and must admit to some concerns. I am minded of the quote from the former US President Ronald Reagan, who I met in very strange circumstances a good few years ago.
You couldnt make it up, or could you? Claims management firms in the spotlight.
PanaceaIFA.Com finds itself in the strange situation of agreeing with the FOS and its Chief Ombudsman Natalie Ceeney regarding claims management firms.
Too late mate, you're time barred.
The battle to get the fairness for IFAs, especially within the regulatory complaints process continues as does the seemingly endless examples of do what I say not what I do with the regulator.
Candygram for Mongo!
Cleavon Little played the new sheriff Bart in the 1974 classic Blazing Saddles. To get an important message to Mongo who was terrorising the townsfolk of Rock Ridge
IFA letter of the week
An Appeal to Your Sense of Realism. I am writing to you with this personal appeal to join AIFA if you are not already a member. I have read many angry words about AIFA of late, about why it's done this or not done that, but as the heading suggests I want to appeal to your sense of realism. Our industry is going through a lot of upheaval and I am aware that many feel AIFA has been insufficiently robust on the RDR.
FSA - A little bit of history repeating itself?
For those who have a keen interest in history, and not Shirley Bassey, it will be a given that not much happens that is new in this world and that many of todays events relating to wars, politics, crime, violence, economic crashes, scams and oppression are often cases of history simply repeating itself with nobody learning anything, no matter how dire the act or situation is.
FSA- A little bit of history repeating itself?
For those who have a keen interest in history, and not Shirley Bassey, it will be a given that not much happens that is new in this world and that many of todays events relating to wars, politics, crime, violence, economic crashes, scams and oppression are often cases of history simply repeating itself
IFA Letter of the week: Opticians and commissions if the FSA regulated Optometry?
An optometrist derives remuneration in a similar way to an IFA. It takes many years to qualify as a Doctor of Optometry i.e. degree, over several years of study and as a result they are able to diagnose vision problems, diseases of the eye, brain tumors and related diseases.
Exclusive: The PanaceaIFA.com interview with Stephen Gay Part 2
Grandfathering is the elevation of a practitioner from one level of qualification to a higher level, without the requirement for evidence of capability to merit that higher level.
Interview with Stephen Gay Part 2
Following last weeks first part of our exclusive written interview with Steve Gay, some observers noted that there were too many questions ignored and stock answers given to unasked questions. Part two covers his views on Grandfathering, the post RDR world and the challenges he faces.
Capita: The Platform Due Diligence Day
The Platform Due Diligence Day is, as the name suggests, the platform comparison and due diligence event of the year. This dynamic marketplace has undergone rapid changes
Exclusive: Interview with Stephen Gay.
As you will know, following our recent IFAss done up like a kipper article Stephen Gay, Director General AIFA, kindly agreed last month to do an exclusive written with PanaceaIFA.com, questions being sent in by PanceaIFA members for his consideration.
IFA letter of the week
An open letter to hector sants - does the equality bill apply to the fsa?
Three Wise Monkeys
FOI requests are funny things. The process involved in requesting disclosure of information is really quite simple
"Youve got to pick a pocket or two"
Bad news for the bad boys and rightly so. FT Adviser reports that Simon Orton, partner for the law firm Freshfields Bruckhaus Deringer, has raised fresh concerns that fines imposed by the FSA could triple to around £300m
Compliancy Services: FSA Standing Data and Firms Online
FSA Standing Data and Firms Online
Compliancy Services: A New Approach to Financial Regulation: Building a Stronger System
The Treasury has produced a further consultation paper, which builds on the previous consultation paper, and the published summary of consultation responses in connection with the new regulatory framework...
compliancy Services: Possible Loan-to-Income Limits
The Treasurey has launched a consultation paper on the role of the Financial Conduct Authority (FCA)...
Compliancy Services: FSA Network Business Model Warning
The FSA has warned that the network model presents a potentially growing risk of consumer detriment, as a result of weaknesses with systems and controls and pressure on income...
Compliancy Services:March 2011 Newsletter Issue 2
Issue Two of our newsletter for March 2011
Wizard Learning: Final RDR rules on professionalism including gap filling & CPD
The FSA has now published its final rules on professionalism and delivering the RDR in Policy Statement PS11/01 and below we detail the key professionalism requirements.
K.I.S.S, RDR and the Profession thing.
This acronym was coined by Kelly Johnson, lead engineer at the famous Lockhead Skunk Works. Whilst today it translates as 'Keep it simple stupid', the principle is best illustrated by the story of Johnson handing a team of design engineers a handful of tools, with the challenge that the jet aircraft they were designing must be repairable by an average mechanic in the field under combat conditions with only these tools.
IFA letter of the week - FSA RDR & EU LAW
With regard to the RDR debate the European element has been largely ignored but some are taking notice:
Distribution of Retail investments:
Since 1979, the Plain English Campaign has been campaigning against gobbledygook, jargon and misleading public information. They have helped many government departments and other official organisations with their documents, reports and publications believing that everyone should have access to clear and concise information. Many providers have a Crystal mark on their documentation reflecting their support of plain English. Clearly this does not apply to the FSA.
Ideologies and regulation do not mix.
William Joyce - nicknamed Lord Haw-Haw by the 'Daily Express' was the voice of the Reich Ministry of Public Enlightenment and Propaganda
Financial Services Update
Assessing suitability is one of the most important parts of any advice process
IFA letter of the week
I aim to start 2011 as I did 2010 and that is by being an RDR bore, so here goes. I find it revealing that when the FSA seeks to use research date in support of its proposals it conveniently ignores the alternative interpretations that are frequently placed on the same data by the researchers.
IFA letter of the week
I aim to start 2011 as I did 2010 and that is by being an RDR bore, so here goes. I find it revealing that when the FSA seeks to use research date in support of its proposals it conveniently ignores the alternative interpretations that are frequently placed on the same data by the researchers.
PanaceaIFA:t&c - Regulatory Update
The FSA have published the final rules for Competence & Ethics in Policy Statement 10/18. This update provides an overview of the requirements, in particular:
Work of the FSA & treasury feedback 2007-08
& the request by the TSC in November 2010 for the views from interested parties on whether the RDR will achieve the stated outcomes and whether the outcomes could be achieved in other, potentially better, ways.
Work of the FSA & treasury feedback 2007-08 & the request by the TSC in November 2010
for the views from interested parties on whether the RDR will achieve the stated outcomes and whether the outcomes could be achieved in other, potentially better, ways.
ODE to RDR
IFA letter of the week.... In the Beginning was the Plan; And then came The Assumptions;And the Assumptions were without form;And the Plan was completely without substance;And the darkness was upon the face of the IFA