Over 100 IFA firms have already completed the survey, the industry deserves a number so large that it can NOT be ignored.
It’s time to reveal the true cost of regulation on the advice industry, so something can be done about it.
Click here: http://www.retiringifa.co.uk/fcacostssurvey.php to complete the 2 minute online survey.
The overall costs of regulation on the industry will be released in an open letter to Andrew Tyrie.
Do you have any thoughts as to what should be in the open letter?
Yes or no?
I am here to serve and will personally type a report for Mr. Tyrie including every comment you share with me (without name), just leave your comments below.
I have completed the survey and will email you my thoughts.
As I am an appointed rep of another company I do not have a breakdown in the
manner requested. However, a quick calculation indicates that the overall cost of
my compliance services is in the order of 35% of annual turnover.
In respect of your open letter I would suggest a very light touch of regulation until a firm or individual has had a complaint upheld against them. If FOS referred complaints to the FCA that they thought the firm could improve their systems or advice, the FCA could concentrate their efforts on the firms with the most FOS cases and leave the innocent alone.
Perhaps I should know – I do not – this does not mean I do not care to know, nor that I wish for the opportunity of broadcasting the fact that the regulator FSA/FCA are a constant cause for concern, never quite telling, but prescribing an new set of rules –
Take Independence a brand that FSA have stood behind for 10 years + and now a status that has to be proven. Most IFA’s just don’t get it – but try and get a simple answer from the Investment Trust brigade on how to robustly and repeatably risk profile their trusts and you get told ‘well its simple’, but never truly shown how. I am not sure but I don’t think that Morningstar quite understand it either.
The cost to the small IFA is days or is this just a barrier to entry.
Good luck with the survey, I would be interested to know the average cost of regulation to the IFA.
To me the big issues remain:
Regulatory priorities – they are wrong. Why are they chasing advisers over “£50 -£100 inducements and worrying about nomclementure such as whether advisers are truly independent, when they cloud be looking at the current equivalent of PPI, interest rate swaps, Harlequin or Arch Cru. They need to put their efforts into discovering the next big thing before it happens rather than counting pennies and trivial detail. They are forever closing the stable door after the horse has bottled.
Fining companies big numbers with no personal accountability. So the shareholders and customers get screwed twice for the sins of their directors – once by the “crime” and again by the fine.