Ken Davy's submission to the FCA

29 Oct 2016

Funding the Financial Services Compensation Scheme: a submission from The SimplyBiz Group to the FCA’s FSCS Review team 

As you may know, over the course of the past few months I have spoken at many events and written several articles about the manner through which the Financial Services Compensation Scheme is currently funded; a system which I believe to be grotesquely unjust.      

I have today submitted a paper to the FCA’s FSCS review team highlighting the deep flaws within the current method of funding the Scheme and a solution which I believe would not only be more fair but would also increase market stability and create a broader collection base to shoulder the financial burden of funding the Scheme.  I believe that radical reform of the FSCS is critically important to the future of the advice sector and needs to be addressed for the benefit of every adviser who is operating in the market today,  providing an invaluable service to their clients. 

Download the submission below:

Funding the Financial Services Compensation Scheme
Funding the Financial Services Compensation Scheme

A message from Ken Davy: 'Funding the Financial Services Compensation Scheme'  

Updated 21/10/16 Download


Testimonials

"I left Sesame December 31st 2010 and took up Direct Registration with FSA. My Compliance is now handled by SimplyBiz.

"Firstly, you need to understand that Sesame may not tell you the truth with regard to 'the world outside Sesame' - I would suggest to you that you should believe nothing. If you leave they lose a stream of revenue. They may tell you that the FSA will be making it harder for small businesses operating outside the sphere of the network. Do not believe them.

"What are the advantages of direct authorisation? I'm no longer being treated as lowest common denominator. I have scope to use wider range of research tools. I've seen a twofold plus increase in my written business (it is growing annually.) I receive top class support services, positive meetings for members and have a more positive attitude to business.

"My advice to advisers at the time (the ones I came into contact with anyway) was to exit Sesame at the earliest opportunity and this advice remains still."

Colin Palmer
Colin Palmer Financial Services
 

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