21st August 2012

Alan Lakey: Who are the medal winners of the past four years?

Four years of intense graft, effort and heartache reached its conclusion this year and no, this is definitely not about the FSA and the RDR experiment. I’m thinking Olympics where as usual there were more losers than winners. Some lucky few achieved results beyond their realistic hopes whilst others underperformed due to stress, injury or plain over-exuberance.

Whilst sports pundits eulogise over the heroes and scribble damning obituaries regarding the fallen I have paused to consider the medal winners and also-rans within the financial services industry over the past four years.

A bronze medal was gained by AIFA, a result that staggered many observers as it was considered a mere shadow of its former self. Somehow it had contrived to lose two head coaches in recent years, as well as much of its funding, and had exhibited a woeful lack of leadership and direction that some doubted that it would even make it to the starting line. Fortunately a new coach, some new additions to the council and a resurgence of purpose have seen a revival of sorts resulting in this surprising third place, even after surmounting an arguable false start.

Also on the podium displaying a deserved silver medal is Friends Life, a company that has successfully absorbed the best aspects of its AXA, Bupa and Friends Provident constituent parts. Friend’s protection offering has placed its focus on quality rather than engage in the never-ending price war and, as a result, they have waved the value flag to the benefit of advisers and consumers

Perhaps the biggest surprise to many was the gold medal winner -seeded newcomer, Panacea. This IFA support body has extended the scope of its services throughout Perhaps the biggest surprise to many was the gold medal winner - the unseeded newcomer, Panacea. This IFA support body has extended the scope of its services throughout the year and engaged with the industry on numerous important issues. Owner, Derek Bradley, has also worked tirelessly for the rights of advisers particularly in respect of the missing longstop and the encroaching menace of claims management parasites.the year and engaged with the industry on numerous important issues. Owner, Derek Bradley, has also worked tirelessly for the rights of advisers particularly in respect of the missing longstop and the encroaching menace of claims management parasites.

So, who failed to medal? Fellow columnist Nic Ciccuti had hinted at promise but after some early success he slipped back into his old habits and his challenge fell away rather tamely. Surgery and a new training regime may be the answer.

The Financial Ombudsman Service briefly threatened as medal contenders but quickly reverted to type as a consumer champion. Like Ben Johnson they blamed their coach for all manner of inadequacies so, on the basis of hearsay and the balance of probability, they were eliminated at an early stage.

Even though they failed to turn up at the trials the FSA were entered by the Treasury, which pronounced them a serious medal hope and a world class competitor. In truth, they never looked likely to reach the final stages as too many of their team cried off with injuries whilst some key players elected to compete for other teams where the rewards appeared greater.

Such musings hide the bitter truth that in the real world the Treasury and the regulator always take to the podium because they make the rules and can disqualify any who appear to threaten their dominion. 2016 in Rio sounds like a great place to be, not for the Olympics but simply to get away from this depressing scene…and of course there is no extradition!

Article written by Alan Lakey for Money Marketing and reproduced with their kind permission.

17 August 2012.

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