Robert Sinclair to appear before Treasury Select Committee

14 October 2010 | By Natalie Thomas

Robert Sinclair, director of the Association of Independent Financial Advisers and the Association of Mortgage Intermediaries is to appear before the Treasury Select Committee next Tuesday as part of its inquiry into financial regulation.

Sinclair will appear at 10.30am, just after Martin Lewis from MoneySavingExpert at 9.45am.

The Association of Private Client Investment Managers and Stockbrokers and the Institute for Financial Planning will also be giving evidence.

Sinclair will be representing AIFA, but the issue of mortgage regulation and the Mortgage Market Review are likely to be debated.

Sinclair, director of AIFA and AMI, says: “AIFA are grateful for the opportunity to present and discuss the views of the advice profession before the influential Treasury Select Committee.

’We do agree with the need for reform of the regulatory architecture but are wary of the impact on firms.

“Greater consideration must be given to the costs of any changes. Firms already face a barrage of costs due to regulatory changes in 2012.

“The government must ensure that those who pose the greatest systemic risk also bare the greatest weight of regulation and the costs of regulation.

“We look forward to sharing the views of members with the Committee.”

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Readers' comments (13)

Anonymous | 14 Oct 2010 11:45 am
I'm sure Stuart and the AIFA team are already on the case but I hope the core focus of their presentation is on the impact on customers rather than costs to the industry. I suspect the TSC will have little regard to firms, especially after if Martin Lewis is on immediately beofre Stuart! Whilst costs will have a direct impact on the provision of advice and therefore customers, the r=main issue appears to be the dichotomy between a Government and Regulator that both want customers to have greater access to better quality, impartial advice and a Regulator that requires customers, rather than providers, to fund the costs of that advice.

We all know customers will not pay speculatively for advice they may or may not take. And so the current RDR proposals are likely to have precisely the opposite outcome than it is aiming to achieve... pushing consumers into the hands of the ill-advised and mis-informed arms of the Martin Lewis's of this world.

Please think and talk Customer, Mr Sinclair, and you may make more progress.
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swanny | 14 Oct 2010 11:51 am
Just goes to shows how much "clout" our professional bodies have, when the treasury select committee invite Martin Lewis instead.
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Lisa Hockley | 14 Oct 2010 11:55 am
Best Wishes to Robert and AIFA. A big thank you from all of us for airing our Industry Views. Lets wait and see how it all pans out
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David Scotland | 14 Oct 2010 12:05 pm
Hope he impresses on them that the FSA's proposals for income and affordability tests will preclude thousands from home ownership and stifle the economic recovery through lower tax receipts.
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Bobby | 14 Oct 2010 12:11 pm
How about getting behind Martin Lewis instead of slagging him off. Martin is fully aware of the need for a whole of market mortgage broker and I am sure he will make this known. Martin is better as a friend than an enemy.
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Anthony Etkind | 14 Oct 2010 12:11 pm
I hope that Robert will make the case for interest-only mortgages in appropriate circumstances. Withdrawing them totally would have a damaging effect on house prices and hence help further to contract the economy.
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Anonymous | 14 Oct 2010 12:16 pm
"Just goes to shows how much "clout" our professional bodies have, when the treasury select committee invite Martin Lewis instead".

Er....but they are not inviting Martin Lewis instead - try reading the title of the artical!!!!!
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Neil Bellamy | 14 Oct 2010 12:56 pm
How long have these meetings being arranged for? Or have they recently been brought forward quickly?
Is it an indication that the concerted effort from industry organisations, and advisers writing to their MP's that have made the Treasury Select Committee sit up, and take notice. Now is the time to keep a constant concerted effort at educating our government on what is the best way forward for all. If you have not yet written to your MP with your concerns over the MMR, RDR, etc, etc, then it is never too late to do so!
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Evan Owen | 14 Oct 2010 1:56 pm
Martin Lewis knows what the public need, that is why he is there swanny wanny.

What is the purpose of regulation if it doesn't meet the reasonable expectations of the people it is supposed to protect from the folly of others, and theirs?
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Anonymous | 14 Oct 2010 2:43 pm
Martin Lewis has always advised the public to use Independent, Whole of Market Mortgage Brokers. He has championed our cause as impartial advisers. It is only recently that he has also advised the public to look at Direct deals as well as talking to a Broker as some Direct deals may be better. He is only telling the truth isn't he?
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