The FSA has received a lot of media attention for fining and banning Peter Cummings from holding a senior position at an FSA regulated company. In a capitalist system some businesses will take higher levels of risk with the aim of earning higher returns. The question I have is how many people at the FSA have been identified as failing to adequately supervise HBOS and who is accountable for not spotting the alleged failures Mr Cummings is accused? I plan to make a Freedom of Information Request to try and get an answer. rnrnThe FSA is now planning to investigate the remuneration structures of sales staff after all of the miss-selling scandals over the years. I really cannot understand why the FSA does not employ professionals from the different parts of the industry and put in place proper regulations which put the client’s interests first. One piece of advice I would give to the regulator revolves around mortgage broking. Some mortgage brokers and to a much lesser extent some Independent Financial Advisors search on the best interest rate and do not include the total cost with arrangement fees and other associated fees with the mortgage product. Making current best practice of taking total cost over a relevant period the minimum standard would result in clients getting the best information and potentially saving significantly on the mortgage payments they make.rnrnThis information is intended to provide a general review of certain topics and its purpose is to inform but not to recommend or support any specific investment or course of action. The tips may not apply, or be suitable, to everyone and you should contact us for advice if you are unsure whether this is the case.rn
