“Cost of advice to jump as FCA bills rocket”

Jul 24, 2020 | Financial Services

Adviser’s annual bills from the regulator arrived this month and have left most of us open-mouthed. Mine’s up by 85%, others by more, and pretty much all is our contribution to the Financial Services Compensation Scheme. Payouts to those who’ve lost money when dodgy advice firms go bust are funded by those who’ve haven’t given dodgy advice nor gone bust. Many would say that if the regulator were regulating properly, there would be nothing for which they’d need to compensate. And I’ve said many times that, were it illegal for regulated advisers to put clients into dodgy, unregulated investments, a big part of the problem would be solved. Anyway. See that brick wall over there…

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“Simon Evan-Cook: FCA must wake up to consolidation damage”

“Simon Evan-Cook: FCA must wake up to consolidation damage”

This is where I can don my ‘been around the block, seen it all before’ mantle. What’s happening in our business/industry/profession at the moment is a lot of what’s become known as consolidation, big companies, many fuelled by private equity, buying up smaller firms or taking over the clients of retiring advisers.