As the new proposed legislation goes through Parliament to change the FSA and the current financial services regulatory framework I hope the legislation make the following points crystal clear:rn1. The New organisations are responsible for the Financial Services Industry. No shirking will be permitted by saying it is not under our remit.rnrn2. That the term ‘Advisor’ is to be exclusively used by someone who is independent of any financial services providers. If a Bank has a selling agent they are called salesmen or sales agents. They must disclose that they are not independent and cannot guarantee that they will find the best deal for the client.rnrn3. That is a selling agent makes an assertion such as: “we offer you the best mortgage deal because we will wave your arrangement fees if you stay with us” is held financially accountable if it is incorrect, and the institution is public humiliated by the new regulatory authority by having an audit of similar cases and attempting to ascertain if is a one off or systematic.rn
