AIFA: Existing regulatory structure 'unfair' on advisers

clock

The Association of IFAs (AIFA) has pledged to use 2012 to campaign for a more comprehensive regulatory structure for advisory businesses.

Stephen Gay, director general of AIFA, said the pressure to pay levies and comply with different financial regulators and an ombudsmen was unfair on advisers. "Advisers are being regulated by the Financial Ombudsman Service, the Financial Services Compensation Scheme (FSCS), and the Financial Services Authority," Gay said. "Nobody has looked at all of these things together and said: where is the straw that will break the camel's back?" Gay also warned intermediaries that the collapse US futures broker MF Global could result in FSCS levies similar to those imposed following the coll...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Next steps 'coming soon' for FCA's ongoing advice services review

Next steps 'coming soon' for FCA's ongoing advice services review

Regulator ‘concerned’ that clients are paying for services that are not being delivered

Isabel Baxter
clock 27 November 2024 • 2 min read
FCA and FOS release call for input to modernise redress system

FCA and FOS release call for input to modernise redress system

Comes after Rachel Reeves’ Mansion House speech

Isabel Baxter
clock 15 November 2024 • 3 min read
Chancellor targets FOS modernisation and FCA consultation

Chancellor targets FOS modernisation and FCA consultation

Consultation part of the advice guidance boundary review

Isabel Baxter
clock 14 November 2024 • 3 min read