The most memorable industry spats of 2011

The financial services industry is awash with contentious issues and also has its fair share of big personalities with strong opinions – a toxic cocktail often fuelling debate and disagreement.

But opinions are what make our industry great - certainly for journalists - and below we remember five opinion-led debates which helped define the year.

Sants v Tyrie

The accolade for the biggest industry bust-up perhaps goes to Hector Sants and TSC chairman Andrew Tyrie. In July, Tyrie issued a strongly-worded rebuke to FSA chief executive Hector Sants for his dismissal of the TSC's suggestion to delay RDR in what appeared a "pre-emptory" response. But in a TSC evidence session in November Sants apologised for any ill-feeling the incident created and blamed...the media!
Verdict: Tyrie wins on points after Sants issues an apology

Richard Saunders v the media

Investment Management Association (IMA) chief executive Richard Saunders recently slammed a media report on fund manager fees as "irresponsible scaremongering". Citing a piece in the Observer, he said some of the article's assertions about charges were "laughable" and strongly criticised stories of that type for putting misleading information into the public domain.
Verdict: Saunders wins after his impromptu attack hits everyone by surprise

Ian Lowes v the IMA

The IMA ruffled the feathers of the structured products ambassador after the trade body issued a report suggesting tracker funds outperformed National Savings & Investments guaranteed equity bonds. Lowes hit back, saying his research undermined the IMA's findings and issued a challenge comparing structured product against trackers.
Verdict: With the structured product/tracker contest running until the end of 2017, we'll have to get back to you on this one...

Stephen Gay v Doug Johnstone

In March, AIFA director general Stephen Gay became embroiled in a row over the resignation of a former member of the organisation's RDR Working Group. Doug Johnstone claimed the trade body had a "Stalinist approach" to crushing dissent and ignored the views of the Working Group in its submission to the TSC prior to an RDR hearing. Gay hit back, saying Johnstone used a document which had been shared in confidence to undermine AIFA's work with the TSC.
Verdict: Johnstone just scrapes a win as industry figures back him

Fidelity v IMA

Fidelity was up in arms after it emerged the IMA was planning to rename the Managed sectors Managed A,B,C and D. It said the new sector definitions were meaningless and increased opacity. Its criticism had the desired effect - in November, the IMA said it will change the sectors to fall into line with ABI fund categories.
Verdict: Fidelity wins by knock-out