Opinion  

Your Shout: Letters to the editor

Financial Adviser Letters

Financial Adviser Letters

FCA should set up adviser panel for complaints

Regarding your article ‘MPs step in over “troubling concerns” at FCA’ (Jun 26).

I do a fair bit of expert witness work and I totally agree with the issues raised.

I have repeatedly suggested to the Financial Conduct Authority that a far better way would be to set up a panel of experienced chartered financial planners and to send the fully redacted complaint to one of them who has the appropriate knowledge and experience to deal with it.

If they were paid for the time involved I think this would be a much speedier and fairer way. 

The FCA staff do not have the knowledge or experience required.

A process to review the reviewers could be easily organised. Decisions would have to be explained.

Furthermore, if the panel were given a direct line to the regulators and the professional bodies, I think this would be a very good way of identifying and disseminating bad practice and it would help self-policing.

There would be no shortage of volunteers for the panel. I think there is kudos to be had.

I also think good quality practitioners have had enough of bad practice and want to stamp it out. 

It reflects badly on all of us and it adds to our costs – to a level which is in danger of spiralling out of control.

Dave Robinson

Centurion Chartered Financial Planners

 

FCA acts too late

Regarding your article ‘High Court sides with FCA over pension introducers’ (June 30).

I have just read the above article and what concerns me is the fact that 2,000 people have lost £91.8m in pension money before the FCA took action. 

We now live in a high-tech, fast-moving world and it appears that the FCA is still using the quill pen.

The FCA’s approach appears to be that of a passive regulator waiting for someone to complain, which is always too late.  

What is required is a proactive regulator that is looking at what businesses and individuals are doing in the market and taking action to stop these types of frauds.

There are other government departments using technology to search the web for illegal activity, so surely this should not be beyond the ability of the FCA to do likewise and catch these fraudsters before they do this level of economic damage?

Nigel Reynolds

Reynolds and Co

 

Home working has cons too

Enough of the endless pontificating about how great it is working from home and how we should all do it permanently once the pandemic is over. 

Sure, it works for some. A friend who is a freelance graphic designer does most of his work from an old weaver’s cottage in a picturesque Pennine former mill town.  

But home working is not without its drawbacks.