Briefly noted

▪ The financial advice sector needs a regulatory overhaul, according to Towry Law which has called on the Financial Services Authority to intervene with new rules to strengthen consumer protection. Towry Law says the FSA’s attempts to encourage the industry to reform have failed and “it is now time for the FSA to move from its previous consultative approach and step in and impose change instead”. The company, a financial planner and wealth management group, said consumers are at risk from inappropriate advice, and referred to commissions paid by product providers to advisers for business as “little more than bribery”. It recommends that the regulator consider abolishing commissions in favour of a fee-based system and impose higher educational standards for advisers.