It’s about time this issue was brought into the open and I agree with Paterson, but it seems clear that the Financial Services Authority is fighting it.
This is for the same reason that the FSA backs down in the face of large organisations abusing the system, allowing them to cause the current economic chaos and then ride off into the sunset with their bonuses and non-executive directorships. Of course, that reason is money.
It’s easier for the regulator to fight the fractured community of financial advisers and mortgage brokers than it is to take on actuaries, accountants, solicitors, banks and insurance companies.
Advisers are not organised enough nor do they have the power or money to withstand any FSA action, no matter how unfair it is.
IFA & Independent Mortgage Broker