Letter: The ineffectiveness of interpretation

Philip Stevenson

It is our first time completing these parts of the report and, not wanting to get it wrong, I rang the FCA for a bit of guidance. The guidance was: “We can’t tell you how to fill the form in, it’s up to you how you interpret it from the notes given.”

So we have over 11,000 firms who will all have the opportunity to interpret what information is required differently and potentially input different information. Which means that the information that is collected is totally useless.

RMAR, thre retail mediation activities return, is supposedly designed to help prevent consumer detriment, but how? If the FCA wants to understand the risks a business is undertaking and consequently the potential for consumer detriment surely they should be looking at a professional indemnity insurance renewal?

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On a lighter note, it is time for me to mailshot all my Lifemark, Harlequin, Keydata and Ucis clients to tell them they are making 25 per cent a year growth with no risk.

Philip D Stevenson

Chartered financial planner

Ark Financial Planning