Callum McCarthy said that he was delighted to accept the invitation to speak at AIFA's third annual dinner because of what he described as the "central and growing position which IFAs have in dealing with what I regard as one of the, if not the, most central questions of financial services which this country faces - what Howard Davies called a year ago "the real business of helping people make plans for their future, and especially for their retirement". "
He ended his address by referring once again to Howard Davies' statement and added, "There is no more important task in financial services today, and there is nobody in a better position to carry out that task than IFAs. We at the FSA have a major interest - and interest in many senses of the word - in helping the development of a skilled, responsible and properly resourced IFA sector. "
Callum Mcarthy's speech can be accessed at
www.fsa.gov.uk/pubs/speeches/sp162.html
FSA Chief Executive, John Tiner, Addresses SOFA's
'Update Conference'
Earlier on during the same day, FSA Chief Executive, John Tiner spoke to the SOFA 'Update Conference' in Birmingham. In his speech, he gave details of the timetable for depolarisation. In the New Year (February) the FSA will publish a consultation paper on the detailed proposals for the menu and how it will operate. The paper will also include a feedback statement on CP166, along with a full set of draft depolarisation rules. Publication will be followed by a three-month consultation period. The FSA will then consider all the responses it receives before making a decision on the final new rules for the menu and depolarisation.
John Tiner said that the FSA Board was "...very clear in its view" that there should be a level playing field, so that retail customers in all channels (independent or tied) receive the same sorts of disclosure information. He went on to say that IFAs should not see depolarisation as a threat. He said that he thought IFAs were "well placed" to take advantage of the new environment in spite of the increased competition. John Tiner then added,
"There is evidence that quality of business, measured by persistency or by complaints to the Ombudsman, for example, is better in the IFA sector than for company representatives."
John Tiner's speech can be accessed at:
www.fsa.gov.uk/pubs/speeches/sp161.html
