Industry news and views from Panacea and our partners.
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Restricted or Independent the choice is yours
The new rules on adviser services apply to firms advising retail clients in the UK on retail investment products.
Twin Peaks
The iconic TV series made over 20 years ago- Twin Peaks, was a part murder mystery, part soap opera spoof, part comedy and part supernatural drama.
Independent or Restricted, shine a light someone please?
On 2nd February at 1.00pm Derek Bradley, CEO of PanaceaIFA conducted a FREE webcast via Thought Leadership Live.
Paradigm Shift?
As you will be aware, we released the results of our survey on what IFA clients views were on the RDR and this at the very least has started a debate by bringing out a number of views on the subject from the industry great and the good.
Well, will Mr Sants want to know what IFA clients think about RDR?
He has been sent a copy of the report but I suspect that he may not like what he hears. However, he should remember the words of Winston Churchill who said, Courage is what it takes to stand up and speak; courage is also what it takes to sit down and listen.
Something rotten in the state of Denmark?
The moral compass has broken. It seems that everyone is at it these days, there seems to be no shame any more in being accused of lying as long as it means you can get what you want, when you want, from who you want!
Money for nothing?
The country is indeed in dire straits. PM David Cameron revealed plans to make shareholder-voting mandatory in relation to executive remuneration as a government attempt at seeing a reduction in excessive executive pay.
Is the relentless impact of regulation making you depressed?
We started to run a new snapshot poll question last month on the above subject.
Seasons Greetings from PanaceaIFA
December has been a very good month for PanaceaIFA and I think we all will be looking for a respite over the festive season to recharge batteries for the challenges 2012 will bring.
RBS and hindsight
George Orwell said in Animal Farm "Man is the only creature that consumes without producing. He does not give milk, he does not lay eggs, he is too weak to pull the plough, he cannot run fast enough to catch rabbits. Yet he is lord of all the animals. He sets them to work, he gives back to them the bare minimum that will prevent them from starving, and the rest he keeps for himself.
Is this some form of regulatory Cluedo?
So the RBS report is now released, another fine example of a lack of Clear English being used with a great many if onlys wrapped up in legal speak.
IFA letter of the week: Pessimist or well-informed optimist?
As I am sure many will be aware, our This is what my clients think about the RDR Mr Sants survey is causing some noise out there
This is what my clients think about the RDR Mr Sants Survey 2011 (Survey Closed
Has Mr Sants asked you about how your clients feel about RDR? Survey Closed
Only SEVEN Len?
We need a Brucie Bonus by way of your vote please to try and win the category of Best Support Services at the Professional Adviser Awards.
A trick of the trail
No not the Genesis album but a further unhelpful verbal hand grenade thrown into the room of wounded IFAs.
Pathway to Success or failure?
Better Client Relationships Workshop, we have a limited number of free places for PanaceaIFA members.
Tattoo You
I met my new banking relationship manager yesterday. Now I do understand that as the generations roll on, standards and expectations in business do not always meet with what would have been deemed acceptable in my younger days
Is there anybody out there?
Twitter is fast becoming second nature amongst societys daily lifestyle routines, with over 230 million tweets each day
"Unlimited power is apt to corrupt the minds of those who possess it"
- William Pitt Not a week seems to go by in recent months without industry calls for responsibility in office for those who regulate
Hi Ho Silver lining
The more fee based work IFAs do in the brave new world, the more you would pay in fees to the regulator. Is this equitable or is it just an easy grab Success tax?
They do not like it up 'em Sir.
I was somewhat amused to read that a British business woman will stand trial in Portugal this week for defaming a lawyer by making a formal complaint about him to his regulator.
PanaceaIFA members scheme
Competitive supply terms for PanaceaIFA Members from Sytner Group Corporate Sales. Access over 20 leading motoring brands from one of the UKs largest automotive groups.
No blame but pay the claim!
The FSA made a submission to the Joint Committee on the Draft Financial Services bill
Turn on, tune in, drop out.
The latest suggestion from the FSA is that firms should be responsible for losses incurred by clients even if they did not give the advice that resulted in the loss.
Stupid is as stupid does?
We hear, with a mixture of sadness and Schadenfreude that the EU, in its Mifid 2 reforms proposals, could be about to overturn the RDR ban on the payment of commissions.
Nothing to do with me mate!
I read with an element of dismay yet some lack of surprise that the FSA has decided not to license or pre-approve financial services products due to a lack of resources.
IFAs would be a lot more worse off?
Putting to one side the gramatics I was quite taken aback by this statement as it would imply that IFAs are already at the worse off starting block under the investigative eye of the FOS. On what quantative scale a lot MORE worse off is found, is unknown but clearly not good news.
Extended Warranty insurance- the next miss-selling scandal?
Regulation, despite its many failings, exists to protect consumers from the effects of bad advice, miss-selling of unsuitable products and sometimes even miss-buying.
A cunning plan indeed Baldrick
No doubt the Financial Services industry had to blink several times when it saw the headline Trade body for financial claims firms launches.
Dignity in Regulation Policy now needed?
Should whats Good for the Goose as the proverb goes, be Good for the Gander
T.E.F - Taking Expenses Fairly courses to follow for FSA staff?
We learned last week in MM that the FSA has cancelled its programme of TCF regional workshops to concentrate its resources on the move to the new regulatory restructure and the RDR.
Annoy in haste, repent at leisure?
With press headlines in July saying Select Committee set to launch review into the accountability of both the Bank of England and the incoming FCA on the back of "deep concern", it really should come as no surprise that The Treasury Select Committee (TSC) has officially launched an inquiry into the accountability of the Financial Conduct Authority (FCA) following the FSAs their knee jerk and poorly timed response to the TSC RDR Review
The Brothers are revolting?
Sadly, despite being invited, I was unable to attend the meeting in question yet I was surprised and to a degree dismayed to see this headline Industry figures in talks to set up trade body rival hitting the news pages last week
Improving your knowledge
Passing courses and exams requires a whole range of skills from time management and organisation, to reading, understanding and self-management.
Markets in Summer meltdown
Seemingly every year around this time we see headlines like this. And why? There are many differing theories but one that keeps coming back to haunt us is that it is because all the grown ups have gone on holiday leaving the kids to look after the house.
Ctrl Alt Delete?
So what do IFAs think of the TSC RDR Report which was published on 16 July? PanaceaIFA conducted a TSC RDR survey to get a snapshot view of reactions to the report from financial advisers.
TSC RDR Survey
The Treasury Select Committee's report on the Retail Distribution Review on last Saturday (16 July 2011) has been greeted with a strangely mixed reception, the FSA is quoted as saying "The FSA notes the report's recommendation on timing but remains committed to implementation from January 2013".
Be careful what you wish for!
Early last week the FSA responded to the recommendation to extend the RDR deadline by saying it remains committed to implementation from January 2013 and will provide a formal response in due course.
Has the TSC RDR review rendered you "Happy"?
The Treasury Select Committee's report on the Retail Distribution Review on last Saturday (16 July 2011) has been greeted with a strangely mixed reception, the FSA is quoted as saying "The FSA notes the reports recommendation on timing but remains committed to implementation from January 2013".