Proposal hoped to provide FSA with insight into intermediary community
Advisers should be properly represented on the FSA's board, the industry has said.
Following the departure of Sir James Crosby from the FSA board, two intermediaries have voiced their support for the appointment of an IFA to the regulatory body's current board.
Phil Jeynes, professional development manager for key accounts at LifeQuote, said: "I think it would be a great idea to get an IFA representing our corner of the market on the FSA board. The right person could provide some valuable insight into the IFA world and help the decision-making process. Having said that, I think it is important to recognise that the FSA board would have to become quite large if it were to include representation from every regulated area of financial services."
Jeynes' view was echoed by Matt Morris, senior policy adviser at LifeSearch, who said: "I think including an adviser on the board would be a good idea, considering all the recent regulation we have had, and particularly with the Retail Distribution Review. It would be good to have someone on the FSA board who understands how advisers work and how the market works. Doing that would make sense. I can't think of any negatives around including an adviser at the moment so I think doing it would be a step forward."
The current FSA board is made up of appointees from diverse backgrounds and different companies, such as William Morrison Supermarkets, ITV and Morgan Stanley.
It is understood that appointees to the FSA board are decided by HM Treasury which has yet to react to calls for comment.
