23rd February 2012

Sants Survey-PanaceaIFA FSA meeting update

We were pleased to attend a meeting on the 21^st February 2012, facilitated by Martin Wheatley, with the FSA RDR communications team.

The meeting was an exploratory exercise in which Panacea engaged with the FSA to discuss what RDR awareness plans may be in the pipeline.

Panacea CEO Derek Bradley commented that:

“Overall the FSA agree with the sentiment behind our recent RDR survey and importantly they appreciate that they need to help IFAs provide support to consumers. The meeting helped the FSA to understand more about what Panacea does and what we are trying to achieve for the smaller IFA community.  It was reassuring to know that an organisation that can be viewed as quite closed is actually open to consulting with a number of organisations to get the views of their users or members to assist in what will be a difficult process due to the short period of time available. We hope to work closely with the FSA over the coming months.
The FSA are not yet ready to share their plans with us or anybody at the moment but we understand they are happy to do so in the near future.

Susie Campbell from the Communications Division  at the FSA:

“I met with Derek and Sarah as I understand that Panacea represents the ideas and concerns of their firm community. We want listen to and work with our industry stakeholders, as they are key in helping us get the right messages to firms and to their customers.”

This meeting was also reported in FT Adviser overall it was a positive initial meeting that should hopefully bear fruit over the coming months.

FSA/FCA