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FSA should think of what public needs, not just saving face

Is the decision to delay the individual registration of brokers meant to be for the public’s benefit or just for the banks’ and FSA’s?

The bottom line is that both will probably be unable to deal with all the paperwork that the additional regulation will require.

It’s strange that the FSA can put huge amounts of time and resource into hounding small IFAs who create little client detriment out of the industry through the Retail Distribution Review.

Yet it can’t afford the resource to sort out the banks, that create the largest source of client detriment, claims and financial enforcement fines, and brokers who increasingly are being found wanting in the advice process.

Rather than concern for the public’s well-being, the FSA seems more interested in saving face and finishing what it has started, no matter how wrong and ill-conceived, and is neglecting issues that cause the public harm.

But then again, where did this recession start? With the banks and a regulator not doing what it should.

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Set your sights on landlords’ GI needs

I am sure all of us will be looking forward to 2011 with the hope that it will begin to fulfil the promise of better times ahead. And if I was a betting man, my money would be on the buy-to-let market beginning to shine. If we leave aside the increasing number of new renters […]

Jonathan Cornell


It’s clear the top end of the market is doing all right, with Investec launching a £1m mortgage. And Barclays is right to rationalise its proc fees – we were just lucky that it gave extra commission for offset

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England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.


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