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Topics: FSA| Mark Hoban| Hector Sants
FSA chief executive Hector Sants and Treasury financial secretary Mark Hoban are to spend a day with a Sussex IFA in a bid to “better understand” the advice sector.
Sants, who recently apologised for saying a loss of 20% of advisers as a result of the RDR was "acceptable", and Hoban have pledged to spend 8 May with Money Honey, based in Brighton.
Last year, Hoban caused a stir for saying advisers' current entry-level exam requirements were no tougher than those taken by McDonald's shift managers.
Welcoming Hoban and Sants to Money Honey will be managing director Ian Seal, who oversees a team of three advisers and one paraplanner.
"It's brilliant," Seal said. "We're short-staffed at the moment. One adviser quit in January over the RDR's qualification rules and another left last week in protest at the FSCS levy for Keydata.
"Let's hope they can bring in some new clients in the short time they're here, to make up for it."
Seal said Sants will visit a handful of the company's existing clients and probably sit in on a meeting about Money Honey's terms of business contracts.
He said Hoban would probably make the tea and do some filing.
In a statement, the FSA said: "This is a perfect opportunity for Hector and the FSA to find out more about the companies we regulate."
Sants said: "Last year I said regulated entities should be afraid of the FSA. That was a bit of an error. It's not that firms should not fear us, because they should. We can be scary. It scares me how scary we can be. I'm scared right now."
Hoban said: "Hector, you're scaring me."
Nick Cann, chief executive of the Institute of Financial Planning, said nothing.
Sants said next month's visit to Money Honey will be the first in a series of ‘A day in the life of...' events in which FSA directors spend a day with a company in the areas they regulate.
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Doh
Had me going for a moment too Then I realised that I'm suspended in some form of separate space-time continuum where the current regulatory structures were put in place on 1st April around 2000 but I just haven't emerged from the other side yet! I mean in reality, who could really dream up such issues as no long stop, FSCS interim levies, providers being classsed as intermediaries, clients of failed businesses being compensated by compliant firms and participants in the market having no rights of appeal. That is the best April Fools joke of all time. Except it's not funny!
Posted by: Duncan Carter
Ha Ha
I immediately realised it was a false story when it was suggested that Hoban is capable of making a pot/cup of tea.
Posted by: Alan Lakey
Brilliant
It would prob be seen as a shameless PR stunt, but this is actually a good idea, no?
Posted by: SJS
No laughing matter
This is a serious issue, regulation is bust. Reliable sources tell me that when the FSA has capitulated in disciplinary and authorisation disputes it has insisted that the IFA signs a 'confidentiality agreement'. To an ordinary person that sounds like blackmail, can you trust a regulator that covers its back in this way? I was prepared to draw a line but my pen has run dry so out comes the long knife.
Posted by: Evan Owen
OMG
God weeps a fresh tear of despair every additional day that Mark Hoban spends on this earth.
Posted by: Mr Happy
Value for money?
I do hope that the IFA won't have to pay for Hector. At his rates a day would work out at around £2,750 - he'd better be worth it!
Posted by: Harry Katz
Qualifications
Neither of them have the people skills. Nor are they condescending enough to step into the real world not even if one as wonderful as bamfords world.
Posted by: Afia
......not
Sorry, but I caught on immediately. The secret of a good April Fool story is that it has to be believable and this was clearly not credible at headline stage. ....and that is the good bit, really, that this is such a non-starter and would never happen.
Posted by: Stuart Duncan
Want to lose some clients?
Imagine telling them that these two were coming to visit! Be afraid, be very afraid!
Posted by: Exasperated Me
Fandabiedozzy
I have never heard of such c**p !! 1 ****in day to try to suss out what its like to be an IFA!!! try a few years you pair of morons. I can see the spin coming out from this a mile away Please don't P*** down are backs and tell us its raining!!!!
Posted by: DH
Sants & Hoban to spend a day as IFAs
Oh cruel to joke when most of us are in despair, but I suppose it was funny. I was worried that it was a trick of Sants to see what they could do to wreck Money Honey and close them down. You have to laugh or you would cry.
Posted by: Jennifer Nicholls
Great joke ...but the principle is a great idea
If only Sants Hoban and others HAD left their lofty perches years ago and done some of this type of work. Then followed by a stink working in Banks (for a comparison) we would not have this burden of useless regulation. The comment I liked the most was "they do not have the people skills" which is absolutely true. Which only reinforces the comments made here before and elsewhere as to 'HOW' such talentless people actually achieved these senior positions. Obviously they are not up to the job but they have weasled their way up the pole all the same. Pity about that. I wonder what it is like to be so clueless.
Posted by: Graham
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Very funny
Very funny for the first few lines I thought you were being serious which I guess is the sign of a good April Fools joke. And then I came over all serious and thought if Hector or Mark do indeed want to come and spend a day with an IFA I will be happy to oblige
Posted by: Nick Bamford