Tuesday, January 19, 2021

Dronfield financial planner takes campaign for fairer industry to local MP

Dronfield-based financial planners, Belmayne, is taking its campaign for fairer industry regulation to Westminster, appealing for the help of local MP, Lee Rowley.

Belmayne’s partners held a Zoom meeting with Mr Rowley to highlight the danger regulatory burden and unpredictable costs pose to the independent firm’s future.

Mr Rowley, who worked previously in financial services, set out a plan of action to help draw attention to the plight of firms like Belmayne.

It included writing to the industry regulators and the National Audit Office expressing concern about the actions of the Financial Conduct Authority (FCA) and raising the issue with the Treasury Select Committee.

David Bashforth, a partner at Belmayne, said: “Honest, respectable financial planners are being unfairly penalised by the regulatory system for the actions of an unscrupulous few and the FCA is complicit in this mess.

“We feel our concerns are being ignored and this will have a direct impact on our clients. Our job is to help real, ordinary people prepare for retirement, but we will be unable to continue doing so if our running costs are not kept in check.

“The current regulatory system is broken, yet there is no one to hold the FCA to account. It refuses to consider real, workable alternatives to its funding model for the Financial Services Compensation Scheme (FSCS), which unfairly penalises well run companies, particularly the very smallest.

“We are hoping that with Mr Rowley’s backing, we can widen discussions about the situation we find ourselves in and the human impact the inevitable loss of local financial advisers will have on communities like Dronfield.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemichaving a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £31.50 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.




Latest news

Plans for major extra care development approved in Kirklees

Plans have been approved for a major new extra care scheme at Cleckheaton that will provide 80 apartments for local people over the age...

Humber refinery boss joins board of Greater Lincolnshire LEP

The General Manager of the Phillips 66 Humber Refinery at South Killingholme has joined the board of the Greater Lincolnshire Local Enterprise Partnership. The appointment of...

Industry veteran appointed non-exec chairman at Pantera Property

Growing valuations and disposals firm Pantera Property has appointed property expert Colin Fell as non-executive chairman. With over 40 years of building and developing property...

Lincolnshire contractor launches foundation to support charities

Local contractor, Horsman Construction has begun the new year by launching The Horsman Foundation which aims to support charities that help children and young...

IoD appoints new South Yorkshire chair

The Institute of Directors has appointed Victoria Brown as chair of its South Yorkshire branch. Victoria is a qualified accountant with more than 20 years’...

2021 Business Predictions: Konrad Czajka, Managing Director of Czajka Care Group

It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.  It has...

Related news

Plans for major extra care development approved in Kirklees

Plans have been approved for a major new extra care scheme at Cleckheaton that will provide 80 apartments for local people over the age...

Industry veteran appointed non-exec chairman at Pantera Property

Growing valuations and disposals firm Pantera Property has appointed property expert Colin Fell as non-executive chairman. With over 40 years of building and developing property...

Lincolnshire contractor launches foundation to support charities

Local contractor, Horsman Construction has begun the new year by launching The Horsman Foundation which aims to support charities that help children and young...

2021 Business Predictions: Konrad Czajka, Managing Director of Czajka Care Group

It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.  It has...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close