The Park Row debacle shows regulation is out of control | Opinion | Money Marketing
Just had a thought, during one meeting with the FSA it was suggested to me that 'networks provide a service', it also appears that many, if not all, appointed representatives believe this is so.
The networks have been quite clever; it started with Ken Davy when he proudly announced that the regulator agreed we could replace "Appointed Representative of" with "Member of" on our stationery, this was supposed to look better and set us apart from the appointed reps of the life offices.
I believe there is a fundamental misunderstanding on the part of the FSA, the Appointed Representatives Regulations have been quite clear since 1987 where the responsibility lies for all acts or omissions, all training and competence, it lies with the network and not the AR so for the FSA to penalise an AR for doing what the network’s compliance manual told him to do is seriously flawed and unfair. When every piece of business is monitored by networks I find it incredible that the regulators can prevent a former AR from trading forever after.
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