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Conduct an audit of the myriad of ways in which the Financial Services Authority makes IFAs’ lives impossible

Comment 19th July 2010

I am the wife of a sole proprietor IFA (Independent Financiual Adviser).  He is driven crazy, several times a year, by FSA ridiculous requests for information or their imposition of such silly exercises as "Fairness Audit".  These are disproportionate to any risk posed by my husband's operations, since he has never had a complaint and he knows each client very well, hence can treat them all very personally and appropriately.  He does NOT need to demonstrate to a so-called "inspector", who has never herself provided this kind of service, that he has procedures to treat them "fairly".  I estimate that he spends around 20% of his usable time staisfying FSA demands for information/regulation etc.

The amount of time expended is increased, and stress exacerbated, by the FSA's own systems NEVER working properly, so that on-line returns are routinely impaired/impeded or impossible.  There seems to be no sanction on the FSA's own inefficiency or on their waste of IFAs' time.  To whom are they accountable and why are there no appeals processes in place for some of their pronouncements?

I am aware that the FSA is being broken up.  But in the meantime, PLEASE suspent some of its more silly demands on hard working IFAs who have never caused their clients a moment's anxiety!  And allow them to get on and earn a living, and serve their clients better.

Why does this matter?

To enable IFAs to offer efficient and appropriate levels of advice and service to their clients; and to prevent ridiculous waste of public and companies' money.

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