Dear [FIRSTNAME],
A lengthy letter this week with a very wide range of subjects, some of which are an interesting read for intermediaries.
The first article page 1, ‘Delivering the RDR’ is raising the bar even higher with the FSA consulting trade bodies about them adding yet another layer of supervision and possibly issuing a “Statement of Professional Standing”. If any of us believed that the FSC might ease back a little during the transitional period this idea has been shattered by the statement ‘increased oversight of individual advisors’. This article is a must read for IFAs.
Page 2, second article is an interesting read for general insurance brokers or indeed all intermediaries involved in pure protection products and particularly private medical insurance. As a follow up the lead article page 3 is worth a speed read.
Jon Pain’s resignation will attract mixed reactions as an exodus of senior people from the FSA may not be good news for intermediaries as their replacements may well prove to be a little over enthusiastic with their wish to earn a role with the new regulator.
Mortgage firms will be keen to read the last article on page 8, CML News although it is not all good news.
Two last points to note. We have noticed and indeed written to you about the FSA’s increased activity in checking firm’s capital adequacy by way of a telephone ‘visit’ and firm’s financial promotions of any unregulated products. If we can assist you with these or any other regulatory affairs please remember your complementary help line 08456 121211 you can also contact us by emailing queries@ifact.c.o.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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