Brokers vote no confidence in the FSA

Brokers vote no confidence in the FSA




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Recent research conducted by the Marketing Innovation Forum - the free online support service for IFAs, brokers and providers - has revealed that advisers have declared a vote of no confidence in the Financial Services Authority.

The survey, written in a school report card style, asked: ‘At 5 years of age, how would you rate the FSA's school report card?’ A staggering 72% of the 450 respondents replied: ‘Don’t come back next term’ – the worst rating available. 

A further 23% replied ‘Must try harder’, while only 1% replied ‘Shows promise’. One in 25 rated the regulator ‘Average’.
 
Significantly, not a single vote was cast for ‘Top of the class’, in the instant poll conducted on the Marketing Innovation Forum website this week.

Derek McGuire, Director of Marketing Innovation Forum, said: “Let’s be honest, these results are likely skewed by two things; the Mortgage Market Review, and the fact that those who aren’t happy are always more outspoken than those who are satisfied, or even indifferent. That said, the results remain overwhelming. Though regulating an industry isn’t a popularity contest, over 400 advisers took the time to criticise here, most sticking the proverbial boot in with the worst rating on offer. Seems there’s room for improvement, you could say.”
 
Richard Farr, Marketing Innovation Forum’s Compliance guru, added: “I’m eager to turn the debate toward more constructive areas; namely the changes required to de-risk the industry from making the same mistakes in the future and accept that there is obligatory EU regulation that we must make work for ourselves and the public we serve. I welcome those discussions on Marketing Innovation Forum and, rather than conducting post mortem after post mortem, let’s embrace the debate and revive our industry.”

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