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Fsa And Mps On Deadline For Financial Advice Overhaul

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The Treasury Select Committee and the Financial Services Authority (FSA) are on a collision course over the deadline to implement new rules for financial advisers, including a crackdown on commission.

The Retail Distribution Review (RDR) is a major shake-up of the regulations on investment advice and is scheduled to come into force in January 2013.

The RDR will ban most commission arrangements for advisers which have been identified by critics as leading to bad advice and mis-selling. Under the plans, firms will have to replace commission with 'Consumer Agreed Remuneration'.

The review also includes plans to make advice qualifications harder. IFAs will have to have qualifications equivalent to a Certificate in Higher Education.

Yesterday, Co-operative Financial Services (CFS) axed 670 door-to-door sales staff in response to the crackdown on commission-based financial advice.

CFS, part of the Co-operative Group, said the RDR has led to increased regulatory costs.

And banking giant HSBC last month cut 700 jobs across the UK as it prepares for a drop in demand for financial advice as a result of the changes in the RDR.

Comments: Of course it makes sense to defer by 12 months, why are these faceless dolts so intent on destroying the industry? Perhaps if these middle class freeloaders had to work for a living, like the rest of us, they would play a different tune.I fail to see what the difference will be when RDr is implemented, as the customer decides now on the remuneration an IFA receives, so what changes? Oh I forgot, we call it fees, rather than commission, and while we are on let's stop the trail commission, and the customer won't get any reviews, that seems a good idea, they must have worked nearly a full day to think up that one. The FSA are arrogant, ignoran,t meaningless nobodies, who want an army of puppets to control. Look at the ridiculous salaries they are taking, and see who need pay controls!!!

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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