4th September 2012

IFA letter of the week

The Adam Smith Institute, the well known free market think tank, has produced a paper – “Simple Rules for Complex Systems: Streamlining the UK’s Financial Regulatory Regime”.  In brief this paper makes the point that much of what the current FSA(FCA)/FOS/FSCS/OFT etc. does could be better done by the FOS alone.  There is huge overlap.

This is all very well, but as we all know, often from bitter experience, the FOS has serious flaws, not the least is its unaccountability and the absence of any means of appeal for advisers, all aggravated by the lack of a longstop.

After making a comment to this effect to the ASI we have been asked to submit some comments on what the FOS should look like in a properly accountable, efficient and fair regulatory landscape.

This is therefore an appeal to you for your thoughts and comments.  In the modern idiom we are ‘crowd sourcing’

Adviser Letter of the Week