CAMPAIGN - NO FSA IMMUNITY - Advisers United

CAMPAIGN - NO FSA IMMUNITY - HOME

ADVISERS UNITED CAMPAIGN - NO FSA IMMUNITY
Ashley Clark, Director

The FSA's immunity from civil actions under the Financial Services and Markets Act (FSMA) 2000, paragraph 19, Schedule 1 is the real driver behind continuing poor regulation and failure in the financial services industry to engage with the public.

Risk of prosecution or financial penalty or disciplinary action for regulators will improve regulation and financial stability in the UK in the long term.

Negligence is the real problem - who regulates the regulator? Immunity for the FSA does not apply to deliberate acts of bad faith e.g. fraud - but failure to regulate properly is not a deliberate act - it is negligence - without penalty they can keep on failing.

We cannot dispute our fees. Why? Every other industry can dispute an invoice. Why not use an escrow for disputed fees?
We cannot vote as a major fee paying 'stakeholder' in the FSA as to who sits on the FSA board? Why?
Are you looking foward to yet another FSCS levy - good guys paying for the bad again?
Who pays for FSA wages, bonuses and pensions? You!
Who pays for FSA failure ... Square Mile? Keydata? Pacific Securities? Integrity? You!
None of this is unreasonable and we just need advisers to unite to achieve what is only fair - accountability.

We are - Not a trade body. No membership fee. No hidden agenda. Campaign Objective: Remove the FSA's Immunity from Civil Action and make them accountable to us - their benefactors.

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