With regard to the story regarding Zurich claiming that the PI market could address the long-stop, (FTAdviser 4 April), it is staggering how the Financial Conduct Authority (FCA) appears to have its head in the sand where a long-stop is concerned, unless of course it is deliberately trying to ruin the advice sector.
The correlation between not having a long-stop and people coming into the profession, or those already in it not wanting to expand, is obvious – unless of course you work for the FCA.
So how does the FCA’s decision not to introduce a long-stop “because the advice market needs consumer confidence to flourish” tally with the reality of the situation?
I do not suppose this will be the last occasion that stupidity flies in the face of common sense, but we can all live in hope. One idea is to make those at the FCA responsible for their decisions for the rest of their lives, and see how they like that.
Dave Barnett
Principal,
DPB Independent Financial Services,
Edgware,
London
