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44% of brokers want a change of regulator
Wednesday 10th February 2010In a recent survey conducted by Marketing Innovating Forum, financial advisors were asked: “what’s the best thing the new year could bring to improve your working life?”
Responding brokers overwhelmingly voted “a change of regulator”.
The multiple choice survey - live on Marketing Innovation Forum’s website since the start of the year – returned 44% support for a change of regulator. This received over twice as many votes as the second most popular option, “more focus by providers on helping advisers”, with 21%.
In third place, with 19% of the vote, “a change of government” further highlighted the fact that advisers consider their difficulties supply, rather than demand-led, as “more consumer confidence in financial services” received only 15%.
Derek McGuire, Co-Founder of Marketing Innovation Forum, commented: “Advisers have shared a wide range of thoughts on the FSA in our forums in recent months, some more 'colourful' than others. As tends to be the case with any regulator, they’ve come in for their fair share of criticism, not helped by their recent publicity around expenses and bonuses.
“What's more refreshing to see is that advisers don’t perceive consumer confidence in financial services to have taken too bad a dent, as that’s as important a cornerstone of our economy as the regulatory framework. Provided there remains a client base whose confidence in our industry is not irreparable, the excellent advisers surviving today’s challenges will continue to steer them through the available products, regardless how challenging the environment.”
Richard Farr, Director of Telos Solutions and Compliance guru on Marketing Innovation Forum, says: “The FSA has come in for both fair and unfair criticism recently and it’s going to be an ongoing challenge for them to separate themselves from the political agenda during an election year. I think it's important not to lose sight of the positive change the regulator has brought into the mortgage industry since 2004. Occasional inconsistency from the FSA can been painful for those of us in the industry but, overall, regulation has helped promote consumer understanding and best practice which should be welcomed.”
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