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Comments
Tusk, tusk!
The Elephant seems to be in the room!
Posted by: Jefroc
What qualifications does Mr Palmer have please ?
Obviously we are all concerned about Mr Palmers failure to ....."put in place an appropriate reporting structure ...." (paragraph 4)BUT do we know if Mr Palmer actually has any Pension Qualifications including G60 or AF3 ?
Posted by: ROBERT WYATT
But what was wrong
Having been told that someone else is a bad boy we still have no real idea why. Standards are improved by quality feedback - so what specifically was lacking. This fine remember purely relates to administration weaknesses - there is no inference that any client actually suffered - so we need an accurate statement of what the FSA require if they want things to improve. On the other hand being able to fine everyone does wonders for their bonuses. Dare I suspect that the system may be a tiny bit biased towards failure.
Posted by: Glen McKeown
Payback?
Charles Palmer is one of the most vociferous and active critics of the FSA. I have no personal or financial relationship with Mr Palmer but I know him to be a man of integrity who speaks with good sense on a number of topics. There is no doubt that he has been a thorn in the side of the FSA for several years. Was it Mr Sants (or another FSA worthy) who said "be very afraid of the FSA". No wonder that IFAs often post on forums such as this anonymously! This smacks of little more than Payback from the FSA.
Posted by: Grosvenor