Financial Regulation: a preliminary consideration of the Government's proposals - Treasury Contents

Written evidence submitted by Chris Hulme CertPFS CeMAP

  There are some simple things the FSA need to do:

  Firstly, rather than increasing the qualification level for those already practising, increase the vetting at entry to the industry in a similar way that other professions do, time served with existing businesses for example to work on good practice.

  Secondly, let regulatory changes bed in, don't change them every five minutes and make it impossible to keep up with what we need to do to comply.

  Thirdly, be helpful with advisers—when we ring for clarification or assistance in understanding the handbook, don't just quote the handbook, help us interpret it. It's no use interpreting it when it's all gone wrong, help us avoid it going wrong—strangely this is something else other professional bodies do as well ...

  Fourth, introduce an interim DA Permission (say six months) for advisers of Networks that fail—such permissions will allow the advisers to continue in business and resolve their future regulatory structures going forward.

  Fifth, look at the figures—DA advisers or Network advisers aren't the biggest risk or bring in the most complaints—banks do!

October 2010

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