The naming and shaming plans continue to attract hostility from the Chancellor of the Exchequer Jeremy Hunt as the Financial Times reports.
A rather significant intervention but there is political pressure in other quarters.
The House of Lords Financial Services Regulation Committee is unsatisfied with the FCA response to its initial concerns and called for a pause as FTAdviser reports.
Writing to the FCA, committee chair, Lord Forsyth of Drumlean, said: “The FCA response failed to directly address our concerns and did not commit to pausing implementation until after our committee had properly scrutinised its proposal. This isn’t acceptable.”
The committee has plans to launch a “short inquiry” into the FCA’s proposal and is expected to invite written evidence.
Interestingly adviser Al Rush has also given his view that the plans are something of a blunt instrument again as FTAdviser reports.
It would be good to see where broader IFA opinion rests on the matter as it will no doubt involve IFAs being named at some future date. It does feel as if it would be quite a threat to a small business while larger businesses (depending on the potential transgression) could perhaps manage things better with their PR departments.
It is very interesting to see the Chancellor’s hostility, how it plays out and what it means for FCA independence.
The Pensions Regulator (TPR) has revealed its corporate plan to protect savers amid pensions-market consolidation that creates fewer and larger pension schemes as Money Marketing reports.
The plan includes “driving value across DC schemes by evolving its supervisory approach to master trusts, developing the joint Financial Conduct Authority (FCA) and TPR value-for-money framework and its enforcement of the value-for-members framework across smaller schemes”.
Sensible if delivered upon!
This sound fun along with seriousness.
Rebecca Andrew, financial adviser at Eleven:Eleven Financial, has trialled a new type of meeting, where she takes clients around the Cheshire countryside as New Model Adviser reports complete with video of the lovely countryside.
New Model Adviser also does an important analysis examining why the anti scam rules are interpreted in such different ways by pension providers and schemes to the consternation of advisers.
