The resignation of Hector Sants, the CEO of the FSA, seemed to take everybody by surprise and is an almost certain indicator of more changes post-General Election. Hector Sants changed the culture of the FSA from ‘Principle-based light touch’ to the more ‘intrusive and interventionist’. What changes will a new CEO bring in addition to the potention restructuring of Regulators post-General Election?

The lead article about fees and levies is good news for the majority of firms even though it is a 204 page read. A short summary can be accessed via the link in the top article page 2 ‘How will the new fees structure affect your business?’ This summary illustrates the minimum fees but not the ‘straight line recovery’ element.

All IFAs are reminded of the minimum pension age changes from 50 to 55 on 6 April 2010. This article (page 3, second article) suggests that all product providers need to be contacted at the very latest by 5.00 pm on Monday 1 March 2010. We will, of course, encourage all IFAs to contact affected clients as it’s a new business opportunity, and failure to contact clients could give rise to a complaint and a potentially expensive claim.

Page 4, last article, affects all firms as the Information Commissions Office (ICO) has new, more intrusive powers and all Intermediaries hold sensitive client information so, of course, the ICO will become extremely interested.

If we can be of service on these or any other regulatory subjects, please remember your helpline 08456 12 12 11 for a without obligation conversation or email admin@ifact.co.uk.

Kind regards

John Derry-Collins
FInst SM AMITD Fcol MInstD MIoD
Director
IFAct Services Ltd
Tel. No. 08456 121 211

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