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Topics: | coalition government| FSA| consumer
The majority of advisers are pinning their hopes on the coalition government, rather than the FSA, to improve the financial services sector.
A survey of more than 500 of Tenet's adviser firms found 74% believe the planned restructure of the FSA will not lead to better industry or consumer outcomes.
However, 65% were optimistic the change of government would have a positive effect on the long-term outlook for the sector,
Keith Richards, distribution & development director at Tenet, says: "It's not surprising that, after recent activities and comment from a growing number of MPs, advisers are pinning their hopes on the change of government, rather than the restructuring of the regulator.
"Regulation is essential but a more positive focus and development of a healthy financial services sector is the only way to address the growing problem of consumer confidence and an increasing savings and protection gap.
"If the amount of money spent on regulation by the whole industry over the last two decades had instead been invested in the development of quality, innovation and sensible processes, we would have a greatly enhanced culture of financial planning and significantly better outcomes for UK consumers."
He adds the upcoming parliamentary debate on RDR could help to bring more attention to the regulatory upheaval being seen in the industry at the moment and drive MPs to find a better outcome.
Tenet itself launched an awareness campaign after May's General Election, giving advisers guidance on how to engage with their local MPs.
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No chance
Advisers are putting their faith in government because the FSA does not listen to them. Governments listen - but only to those who shout the loudest. The product providers and banks are well represented in the lobbying corridors of westminster, but who is putting the case for IFAs? Firstly we need a trade body,and preferably one that is not infiltrated by product providers. Then we need that trade body to employ political lobbyists to keep our concerns to the forefront of government. Only then will we get government to listen.
Posted by: Green Eyed Monster
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No chance
The problem with RDR is that the FSA has shown it hasn't a clue and still only believes in the tick boxing approach above all else. We have a a regulator who at senior levels appears to only be looking to secure their own seats in a new enviroment with massive haemoraging at the lower levels, in short totally losing the plot. That with a new coalition government who have shown a level or disdain for the very sector who had supported them initially..... well not necessarily both sides. The irony is that the party who one would have thought had an understanding of events have shown a total level of ignorance and seem to feel big if beautiful even though it means a huge diminution of choice, and the party most reknowned for tree hugging and sandals showing they really do have a handle on events. All financial service companies are in effect being shafted by ignorance at the highest levels of government and regulation and to hope that there will be a basis change is wasted energy as we all have as much chance of seeing a that happen from the ignorance that appears to be self perpetuating as walking on water!. We can blame Gordon brown for the madness that the FSA has created but all arrows are pointing to incredible incompetence of understanding reality by the coalition or at least from the conservative side.
Posted by: Robert Marshall