A couple of columns from this week. Here on FundsNetwork, I give my view on a couple of arguments – one easy, one difficult – for reform of the compensation scheme using recent events.
In my FTAdviser.com column, I consider the implications of the Sesame Bankhall restricted panel partly from the point of view not just of investment advisers but also fund managers which may feel their route to market closing down.
I must admit that the Money Debate presumed most fund managers would simply be aghast at the election of Francois Hollande and the mention of that dread word ‘socialist’. But one fund manager proves us wrong.
The Money Debate tends to think that the way in which austerity is being imposed on Europe is disastrous not least because the whole currency system might as well have been rigged in Germany’s interests, but also because the fiscal pact means that Southern Europe is being pushed into a long term depression, not a good environment in which to deal with structural deficits.
We could continue but Henderson’s director of European Equities John Bennett puts it a lot better with the following view. “The win by Francois Hollande, the socialist candidate, for the French Presidency is a necessary evil. It ruptures the ‘Merkozy’ axis that has dictated eurozone policy in recent years. Whilst the vainglorious Sarkozy might have believed his partnership with German Chancellor Angela Merkel was on equal terms, it was clear that policy was ..read more
The FSA is worried about preferred platform deals with the suggestion that some of the commercials involved may run contrary to the RDR. Given this blog has warned that a few things could definitely go wrong with restricted arrangements almost reminiscent of some of the worst multi-tie days, the Money Debate should welcome such vigilance. I know the FSA itself is reacting to market circumstances and maybe it may show that Rory Percival, the regulator involved has an ear to the ground. On the whole that cannot be a bad thing. One point not in the FSA’s favour. Surely the regulator’s hand would be a little stronger if we actually had all the information platforms need for the RDR.
A few updates in terms of columns and the like following a few Money Debate email problems this week. On FundsNetwork I consider ways to reduce the regulatory burden, without changing the philosophy of the regulator or its principles and objectives because that tactic is a non-starter.
On FTAdviser I believe I came over all optimistic, ..read more
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