30th May 2008
Less is more - APCIMS advises Turner
APCIMS have this morning welcomed Adair Turner as the proposed Chairman of the FSA. Their welcome comes with a warning that ‘less is more’ when considering regulation in the stockbroking sector.
David Bennett, CEO of APCIMS said:
“We welcome Adair Turner who has shown prowess in his recent work on pensions and at the CBI.
“This appointment creates a real opportunity to provide a period of much needed stability. He must stem the tide of regulation which threatens to slow down the stockbroking and wealth management industry in the UK.
“At this time of economic uncertainty it is critical that we remove as many barriers as possible in order to encourage savings and investment in the UK. Our membership is a key conduit to investment providing guidance for over £400 billion of funds under management in Britain from offices across the country.
“Firms have had to address a continuous stream of regulatory changes and developments during 2007-2008. We are concerned that even after the implementation of MIFID there is a steady flow of FSA regulatory initiatives. Our members need a period of stability to focus resources on refining and improving their systems and controls.”
- Ends -
Notes to editors:
APCIMS is the trade association of more than 220 firms who, on more than 400 sites across the UK and Ireland, deal in stocks and shares for private investors. Together our aim is to ensure that the regulatory, tax and other changes across Europe bring real benefits to the investment community.
More than 12 million people in the UK currently invest directly in stocks and shares to secure their financial futures.
APCIMS members can guide clients through the world of finance and work to give them the very best return on their investments.
All APCIMS members are fully regulated by the Financial Services Authority.
As of the 1st of December 2001, all UK APCIMS members have been regulated by the Financial Services Authority (FSA).
The FSA succeeds IMRO (the Investment Managers Regulatory Organisation) and the SFA (Securities and Futures Authority) as the regulatory body for private client stockbroking and investment management.
Non-UK APCIMS members are regulated by the relevant authorities in their own country.
For further information please call:
Dirk Paterson,
Head of Communications, APCIMS
on 020 7247 7080
Mobile: 07507 855 428;
Email: dirkp@apcims.co.uk
David Bennett,
Chief Executive,
APCIMS
on 020 7247 7080;
Mobile: 077689 50041;
Email: davidb@apcims.co.uk