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Post subject: RDR - AND THE CARPETBAGGERS! says Mansell
 Posted: Sep 27, 2008 - 12:24 PM
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Joined: Aug 06, 2008
Posts: 2558
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In the USA, carpetbaggers was the term southerners gave to northerners
who moved to the South to loot and plunder the defeated South following
the civil war.
If you want to know just how bad these proposals are just go see how
happy the British Bankers' Association (The British Carpetbaggers
Association) is with them! Need I say it, (YES) the same group that has
brought this country to its knees and yes the same group RDR was
designed to benefit before the incestuous FSA banking relationship was
exposed!
THE FUTURE?
The average age of IFAs is estimated at 54*
They have until age 58 to obtain the new qualifications, just two year
prior to the golden age of 60, many will now leave the industry! It’s a
no brainer!
Direct Sales, the nursery for independent advice has earlier been
decimation by regulation. As a result the industry is failing to recruit
and retain new talent. The FSA seem to think graduates are the future
but graduates are too bright to get into bed with an unelected
unaccountable regulator – better still head for the public sector, or
even the FSA where mistakes can be made on a grand scale and they get
rewarded with more money and more power!
SUMMARY - AIFA THE LAST OF THE MOHICANS
In summary there is a feeling of being let down by the false impression
given by the FSA that it was actually possible to reason with them. To
continue with my North American theme Chris Cummings and AIFA will go
down in history as The Last of the Mohicans, the last man to actually
believe that the FSA was listening to a reasoned and balanced approach.
Many senior figure now view the FSA as the problem and not the solution
and many IFA's will now understand the need for membership of the more
radical IFADU, a real Defence Union!
THE FINAL NAIL
Is the country so daft that they will allow a regulator in its own death
throws to destroy what remains of the independent sector? I wish I were
optimistic! RDR is the final nail in the coffin of a free and
independent financial services sector and those who support it are
nothing more than carpetbaggers aiming to profit from the terminal
decline of a once proud industry.
*This is based on industry sources. The FSA's "Financial risk outlook
2007" estimated the average IFA age as 46. James Hay say: Our own
contacts with industry sources that put the average ages at 54, 55, 56,
and 58 years
Quote: The FSA is a 'world-class regulator'.
Source: Cash Gordon - Taxator of the Universe
Regards
SIMON MANSELL
Temple Bar IFA Ltd
Thought for the day: Who guards the guards?
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