And one for all?

Article Abstract:

The recommendation for the establishment of a single body regulating all UK companies that retail investments to small, private investors has very few supporters. Currently these firms are governed by various regulatory authorities, including the LAUTRO for the marketing operations of life insurance and unit trust firms, the IMRO for unit trust firms' fund management services and banks' investment operations, the FIMBRA for small independent advisers, and the Securities and Investment Board (SIB) that regulate a varied selection of banks, advisers and building societies. The single regulatory agency, recommended by the SIB's Clucas Report in 1988 and has since been christened the Personal Investment Authority, is unpopular among investment retailers since it would curtail certain privileges they enjoy under the present system, such as the ability to select their own regulatory authority.

DEPOSITORY INSTITUTIONS, Financial services industry, Financial services

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Signs of life yet

Article Abstract:

The Financial Services Act imposes stiff financial requirements on investment intermediaries (IFAs) in the UK. Compliance with the Act also poses challenges to the practice of independents as a result of a growing consumer demand for the total up-front disclosure, in cash terms, of the commissions received by investment advisers. Opposition from the Securities and Investments Board has provided some relief for the IFA sector. However, easing the cost of compliance with the Act would necessitate the restructuring of the regulatory agencies and their policies on membership. The future of brokers' practice would also depend largely on their ability to incorporate information technology to their services.

Investment advice, Security brokers and dealers, Insurance agents, brokers, & service, Stockbrokers, Practice, Insurance brokers

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