FSA handed MI articles on Financial

Ramesh Sharma

June 1, 2004

Staunch supporter of MI’s ‘Promoting the Standard’ campaign Thomas Reeh, chief executive of blackandwhite.co.uk, handed over the relevant articles along with copies of blackandwhite.co.uk’s compliant adverts in a feedback session during a visit by a four-man team from the FSA’s High Street Firms Division.

He said: “This is something close to my heart and momentum needs to be maintained as this continues to be a burning issue. Increasing frustration has been reported and MI has proved a great forum to voice these concerns.

“We pay a six-figure fee to the FSA and as I handed over the articles I questioned what value we are receiving from these fees. The response was somewhat vague but they took the articles and adverts and said they would pass them on to the appropriate person. I’m waiting in anticipation.”

The FSA visit was scheduled to take place over a three-day period but was completed in one day.

Reeh said: “It was a very intense day but the FSA was thorough and very professional. We take the fact it concluded its visit in just one day to be a positive sign. However, my main criticism is the refusal to give positive feedback on what we are doing right.

“But it’s not in its remit and it doesn’t have the resources to do so, which brings up the question of exactly where our fees are going. A greater degree of guidance would be appreciated by the industry as a whole.”

Bill Warren, director of The Complete Network, commented: “I can fully understand the frustration when high fees have been paid and, on the surface, little seems to have been done, especially regarding the issue of Financial Promotions.”

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