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‘Regulation should be fair for all – not just consumers’

‘Regulation should be fair for all – not just consumers’

Loan Talk has been told that regulation must not unfairly burden certain sectors with an expense that should be distributed throughout the industry.

The news follows SimplyBiz Group’s response to the Financial Advice Market Review (FAMR) when the compliance and business support services provider suggested that several key measures needed to be addressed to revitalise the post Retail Distribution Review advice market.

SimplyBiz said the current funding model for the Financial Services Compensation Scheme (FSCS), where the adviser bears the costs, was both unfair and unsustainable.

Danny Waters, CEO of Enterprise Finance, agreed, telling Loan Talk that advisers shouldn’t have to cover the costs of the FSCS.

“Regulation should be fair for all – not just consumers – and we can’t unfairly burden certain sections with an expense that should be distributed throughout the industry,” said Danny.

“While advisers are often the first point of contact with the consumer and therefore have an integral role to play in the implementation of regulation, they shouldn’t necessarily be responsible for bearing the costs of the likes of the Financial Services Compensation Scheme.”

Yesterday, the FSCS released its plan and budget for 2016/17 which revealed a £2m fall in operating costs, and as a result, the Scheme said it expects its budget to fall from £69.1m in 2015/16 to £67.4m in 2016/17.

The FSCS, did however say that it expects to levy £363m on firms for the period, with the levy on life and pensions intermediaries to come to £80m and the levy on investment intermediaries to hit £108m.

Rob Derry, Managing Director of Brunel Mortgages and Loans, said there were plenty of customers who are missing out on advice because they either don’t want to, or they can’t pay a fee for advice.

“Lots of consumers would rather the adviser was remunerated by commission,” said Rob.

“As long as that payment is declared, transparent and the regulator is ensuring that advisers are not selecting products for their own benefit then there really shouldn’t be a problem in the market.”

Danny said the impending introduction of the Mortgage Credit Directive was another regulation that will affect intermediaries.

“We have always been staunch advocates of regulation as anything that protects the best interests of consumers ultimately benefits the health and perception of the sector as a whole,” said Danny.

“This is why we have invested considerable time and resource into ensuring that we are fully ready for the Mortgage Credit Directive implementation in March and have helped intermediaries prepare for what life will be like in the new regime.

“The Financial Advice Market Review is another regulatory evaluation that intermediaries and lenders alike will need to be aware of.” 

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