31st October 2011, 09:02 PM
I think Wax may be slightly confused: under the RO scheme, the Responsible Postholder must be an IfA member. The Postholder does not have to be the most senior member of staff (for example, Chair, Chief Executive, or Head of Operations could all be counted).
Rather than restricting the business to 5 or 6 major companies, there are currently 69 ROs including those with one or two staff. Cartels can only work if there are substantial barriers to entry, and anyone who puts their minds to it can become an RO if they wish.
Rather than restricting the business to 5 or 6 major companies, there are currently 69 ROs including those with one or two staff. Cartels can only work if there are substantial barriers to entry, and anyone who puts their minds to it can become an RO if they wish.