If you were the regulator....

benjaminfabi

Hi

I tweeted last night that paraplanners should be in charge of the entire FS industry. It got some response, including one reply asking what would I do first?

I said:

Ban commission. Ban % based ongoing fees. Relax rules about holding client money and charging in advance. Raise min quals to level 6.

To round it up to five, I'd also look at financial planning and financial advice as two distinct services and regulate them differently.

So as a bit of midweek fun, what would be at the top of your agenda for change for our part of the industry if you were in charge? You can have up to 5.

Gustavo_Fring

A uniform 'script' for providers to use when providing plan information.

Jona

Similar to Gustavo - standardised DB scheme information.  (I think this one might actually be in the pipeline!!)

Cheaper platforms (still cant fathom why it often costs more to hold an investment on a platform than actually invest into the fund).

No more tinkering with pension legislation.  Ha, ha, ha, ha, ha, ha, ha!

Jamie_Barnes

Definitely going to look at the Twitter conversation to see what was said @benjaminfabi !

Standardised DB scheme information would be a really good idea as mentioned above.

Seeking more powers from parliament to stop the bad eggs that still exist in the industry, and to stop phoenixing of old firms would be another. Gives the industry a really bad name.

Finally, less guidance without substance and more working examples of what they think is good practice and what they think is bad. 

amarshall

By "in charge" I'm assuming that I'm Chancellor

I'd go for massive simplification of personal taxation and a sustained period of legislative consistency, to include things like:
Ditching National Insurance
Ditching Liftime Allowance
Ditching VED (or whatever its called nowadays)
Flat rate tax system
All allowances to be index linked

Above all, no mucking about with my rules once they are set; the only thing that can change are the rates of tax  

richallum

FCA approved/regulated range of simple products that can be sold with no or minimal suitability requirements.  ISA, personal pension, term assurance should cover the vast majority of UK population and could really get guidance, simplified advice and robo going.