Platforms: FSA to launch another consultation on rebates

All we need is.....

A level playing field for ALL operators/providers/advisers & clarity. Jeez, it isn't rocket science, why the backside scratching, musings & consultations to fix something that doesn't seem to be an issue? I use a fully transparent RDR-ready platform & a supermarket, both charging structures are fine with the relevant clients. Yes, get full disclosure on what rebates/kick-backs are being provided to platforms & life offices (after all, this could skew some of their suggested portfolios & risk-modelling tools), but let us deal with the overall cost disclosure with clients.

Posted by: David McCabe

You couldn't make it up, ah, hang on....

I love this: "The FSA seems to have got a much better understanding of the market place now - it is too hard to tell whether it will ban rebates or not." If they are, and have been, regulating the market place why on God's earth do they not understand it? Quite pathetic really.... I guess that if you are on the gravy train of unaccountability funded by other peoples' money, then you don't really care.

Posted by: Amazed, not really

Round and round we go

Only 2 points: 1.Do you get the impression that the FSA doen’t know which way is up? 2.Do you think they will take any notice of the feedback?

Posted by: Harry Katz

FSA - yet another consultation

The implication here is that the FSA has been 'regulating' and making up rules for everyone to implement and follow without actually having the slightest understanding of the issues involved. So no change there ! It's good that the FSA's final rules and pontifications will be available before the end of 2012 - all that then needs to happen is that the industry has to throw a switch. Actually, it might be a bit more involved than throwing a switch but the FSA wouldn't understand that - they just make up the rules and expect it all to happen without cost or consumer detriment. Oh! life must be grand viewed from an ivory tower.

Posted by: Bill Wells

TURN THE LIGHTS ON

Once again the FSA display an ability to flounder about in the dark, knocking over furniture, breaking the crockery and generally creating mayhem. Is it too much to ask that they turn on the lights BEFORE they enter the room? It really does appear that the RDR is merely a massive toy for them to experiment with. They have no idea of the unintended consequences and one must question the stated Intended Consequences. How long will they fiddle while the industry burns?

Posted by: Grosvenor

And all because the CEO & Chairman are talented

..........dont forget folks, this all comes about because SANTS & TURNER are regarded as 'talented' individuals. They are sopposedly Leaders. What is it about them which somehow gives them a rating of 'special' ..........must be the numpties in the Treasury because what organisation would put these two in charge of anything ! Pity really.

Posted by: Graham

And all because the CEO & Chairman are talented

..........dont forget folks, this all comes about because SANTS & TURNER are regarded as 'talented' individuals. They are sopposedly Leaders. What is it about them which somehow gives them a rating of 'special' ..........must be the numpties in the Treasury because what organisation would put these two in charge of anything ! Pity really.

Posted by: Graham

Confused.IFA

This sounds a wee bit like the Slovenia vote on the Euro bail out. They have a vote, the people say no. So they organise another vote, and so on until the people eventually give in and say yes. The FSA will continue to "Consult" until every one gets so fed up that they give the answers that the FSA wanted from the start.

Posted by: Mark Anderson

HECTOR'S HOUSE

Deloitte have stated that the Financially Shambolic Authority have a ‘much better understanding’ of the industry, which by the very nature of the comment indicates that they didn’t have as good an understanding as one assumes they should have done…considering they’re our regulator. However, this explains a great deal. (or rather, confirms an IFAs thinking) No doubt Deloitte will have been paid handsomely by the FSA to state the bleedin’ obvious. Or rather, our clients have paid us, we have then handed over the levies to the FSA, and they have handed the money to Deloitte. Well, that’s money well spent then. The FSA is as dangerous as a 5 year old with an AK47.

Posted by: Keith Jayne