What has been learned since the 2005 CPS Review?

The Leviathan is still at large
An open letter to Mr. John Tiner, Chief Executive of the FSA

A REPORT BY THE CPS (CENTRE FOR POLICY STUDIES) REVIEW TEAM

The Financial Services Authority, which came into formal existence in 2001, is one of the most powerful, and one of the least accountable, institutions created in the UK since the war.

Its lack of accountability has nurtured a sense of disengagement and growing disillusionment within the financial services industry.

The industry also feels that the FSA is vulnerable to political direction and influence. The FSA is seen as being unable to defend the industry it is intended to support against political or public criticism. This has created a sense of insecurity about future regulation. The ability of the industry to plan and to innovate is severely undermined.

The industry fears that the FSA is an increasingly defensive and risk-averse organisation. This has contributed to a culture of prescriptive and increasingly complex regulation.

Such a culture is damaging to all in the industry, but most of all to the small business sector. Innovation is at risk of dwindling, competitiveness falling and consumer choice declining.

The characteristics needed to succeed in the global capital markets include the following: expert, responsive, lateral thinking, proactive, unbureaucratic, fast-on-the-feet, decisive, cost-conscious, imaginative, outward-facing and open. The industry expects its regulator to mirror these characteristics.

The industry’s expectations are not being met.

Click here to read the report; is this a case of déjà vu? Post your comments in the forum.

Article last updated: Nov 5, 2008

Email to a friendPrint this story

Panacearch
Panacea TV
Panacea TV
View the latest broadcasts from our providers.
IFA Bulletin

Keep up to date with news, provider offers and industry comment.


Subscribe >

Panacea is the only active community for small directly regulated IFA firms who are looking for access to help, educational support, advice and technical training from major product providers.

What we do

Panacea’s role is to join up the loose connections between directly regulated Independent Financial Advisers and product providers. Over the years, smaller IFAs have lost the face to face support resource that existed for the benefit of customers. The aim is also to correct the support and service imbalance with providers – currently in favour of Networks and larger national IFA firms.

You can now access technical, business, educational and industry expertise in one place by browsing the Provider, Investment, Pension, Protection and Retirement zones of the site, connect with fellow practitioners via the online forum, and keep up to date with the latest breaking news, comment and industry trends via our feeds and free weekly email newsletter.

This is a financial services resource “mall”. Instead of floors we have zones- Investment, Pension, Protection, Retirement, instead of retail outlets taking space we have currently 15 Product Providers and various support services taking “floor space”.

Who we are

Panacea was founded in 2007 by Derek Bradley, a retired IFA. His vision has produced a site where small directly regulated IFA firms can easily access support again, exchange ideas and seek advice, where providers can establish direct contact with an important, yet often neglected, active distribution channel of small, directly regulated individuals or firms and all in one place.

After a highly successful launch the community is now growing and has the support of 15 major product providers and Unipass, plus over 1000 individual IFAs.

Who we work with

Our sponsors are Norwich Union, Aegon, AXA, Liverpool Victoria, Scottish Life, James Hay, Thames River Capital, Scottish Widows, ZOPA, Lincoln, Bright Grey, 7IM, Abbey for Intermediaries, Alliance & Leicester, Scottish Provident.

Panacea has also established key alliances with leading companies operating in the financial services market such as Defaqto, Trustnet, PYV, Citywire, Asset.TV, Wizard Learning, The Personal Finance Society, Funds Library, Rayner Spencer Mills, Marketing Hub, Mortgage Brain and Regus. They will bring to the community relevant, trusted information in a timely and objective fashion. Many services they offer are free, some at a beneficial cost to Panacea members.