Retail Distribution Review

Written evidence submitted by D Frost, Norwood Financial Services

May I firstly thank you and your colleagues for putting our case so eloquently in the House last week. It was gratifying to see so many MP's giving up their valuable time to support us especially during an evening.

I had already written to Mark Garnier prior to the debate so I will try not to dwell at length on the main points of contention. Instead I enclose two letters addressed to the FSA I wrote on this subject in May 2004 and December 2007. These letters cover all of the issues you discussed in the house and yet I did not even receive the courtesy of a reply to either letter.

I do not understand how a regulatory body can make so many mistakes and yet still dictate guidance on a subject they do not understand. They are clearly not fit for purpose. The main regulatory issues over the past few years have all been very badly handled. Equitable Life, the Pensions review, Endowments and not to mention the Banks debacle. How do these civil servants remain in their jobs? If one needed to highlight a problem we have in this country it is paying highly for failure and incompetence.

Finally, could I address the issue of qualifications. I have been in this industry for over thirty-five years; hold two professional financial qualifications (the ACIB dip, and ALIA dip.) and I will be seventy-two in April 2011. What can a civil servant tell me about finance? On that final point I find it interesting that Hector Sants holds professional qualifications in Psychology and Philosophy. How dare he tell me that I have to take more examinations to continue running my business. How would he feel if I told him he could no longer hold his post at the Bank of England with his degrees and had to sit further examinations to remain in office. I can just imagine the repercussions.

December 2010