Rathbones' Pomfret rallies wealth firms in call for Keydata inquiry

Now they are beginning to understand how IFA's feel about the unjust and financially destructive nature of the FSCS. Its good to see the power of money starting to work its magic and rally the wider cause!

Imagine how we feel about intermediaries!

I'm afraid I don't have much sympathy with these CEO's of PCIAM firms. Many of these firms have benefited hugely through the ruthless regulatory process that many of us now have to accept. Let's not forget that literally hundreds of british security firms, most of them with good books of business and honest & reliable brokers, have been wiped out by FSA and its predecessors. I can't think of one single bank, investment bank, wealth manager that has undergone the kind of treatment that independent brokers have had to endure and now with RDR rearing its more than ugly head I suggest that these CEO's start examining their own compliance regimes to try and ascertain as to why these highly paid bureaucrats couldn't spot that there is and has been a flaw in the FSCS process for some years. Here is a gentle reminder to market practititioners that many brokers (all severally & liable members) back in '70s had to endure several calls from then LSE slush fund during a phase in the market when around 50 old names bit the dust. I do have some sympathy though with the request concerning as to why stockbrokers, wealth managers & IFA's should pay these extortionate levies involving a failed business as Keydata that wasn't apparently related to standard business. Perhaps these CEO's should pay up, smell the coffee, and then call for an enquiry. That's what gentlemen should do. Please don't blame the FSA, the FSCS or anyone else other than yourselves. You'm ade your bed and now you must sleep on it even though it's clearly a bit prickly and by the way please don't pass the buck down through your significant hierarchies to other executives nor indeed to your clients. That is not the gentlemanly way to behave GENTLEMEN! After all I presume you've all read your little book that's sitting on your desk, "Integrity at Work in Financial Services" from CISI, and understood the TCF doctrine as laid out by Lord Turner and his bonus churning chums at FSA.

It has become your prison.