13th January 2014

FSCS, please stop wasting our money

So, the FSCS is still at it. And not too helpful when Life and Pensions advisers face a tripling of their Financial Services Compensation Scheme annual levy, from £13m to £40m.

The Mail on Sunday recently produced a guide to avoiding holiday horrors as well as giving an ‘idiot guide’ to travellers with no brain at all regarding  how much to tip, how to stay in touch on holiday and a number of other fatuous and non FSCS related matters.

When will somebody with an element of control or influence over the FSCS tell them to stop wasting advisers levies, in fact anybody's levies, on such things and concentrate on doing what it says on the can.

It is the fund of last resort for savers and investors who have lost out due to bad advice from now failed firms, note the term “last resort”.

It does not say “holiday resort”.

Grrrrrrr.

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Comments (4)

I couldn't agree more. Our profession is beset with well meaning people who have found well paid jobs with great pensions and benefits (typical public sector mentality)who are intent on their career not improving the profession or the outcomes for members of society. We have stupidity like this, a MAS that is grossly over funded (and shouldn't they be the ones doing things like this?), a regulator who regulates the advice process and not the products (more power to their elbow if they can show mis-selling), who likes backward looking reviews as it shows we need them when anyone with half a brain knew that the Banks had inappropriate remuneration strategies in place that were bound to have bad outcomes. I could go on but I need to keep my blood pressure down.

Neil Franklin   22/01/2014   09:35
There's something missing from this article: at least from the point of view of one who has not seen the Mail article.

What is the relevance of FSCS to Mail on Sunday?

Richard Brown   22/01/2014   10:55
The relevance is that the FSCS pay the MoS to in effect advertise. In this case is a irrelevant way. Grrr

Derek Bradley   17/02/2014   11:03
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John Enos   17/02/2014   15:49

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