The Financial Services Authority is in the process of adopting a new definition of independent financial advice. It has written to all of the designated professional bodies (DPBs), including the Solicitors Regulation Authority, inviting them to adopt different definitions for their own purposes if they consider this to be appropriate. The background to the FSA’s letter is that its new definition equates independence with the ability to advise on every type of investment and investment wrapper, and some advisers to whom members of the DPBs have habitually referred clients in particular stockbrokers would cease to be eligible to receive client referrals if the DPBs were to adopt the new FSA definition. What is striking is that the FSA definition of independence no longer accords with the dictionary definition of the term, which is also understood by consumers and which provides the basis for solicitors’ own ethical principles namely being free from third-party influence. I would respectfully suggest that this is the definition to which the SRA should revert. Ian Muirhead, director, SIFA, Epsom
The Vincent Conlu-mentored Red Phoenix can wrap up the championship series in Game 2 on Wednesday afternoon. If the Panda Rockets can level the series, the do-or-die Game 3 will be on Friday.In elementary boys’ basketball, the Red Phoenix and University of San Agustin sealed their place in the best-of-three finale after disposing of their respective semifinals foes.The Red Phoenix beat St. Joseph School 62-20 with Rod Efren Hautea and Amiel Dominic Dema-ala making 10 points each, while San Agustin defeated Ateneo de Iloilo 31-26 with Chad Ernest Cartel on the lead (13 points).Game 1 of the Red Phoenix-San Agustin series will start 2 p.m. Wednesday while the tertiary men finale between Iloilo Doctors’ College and John B. Lacson Foundation Maritime University will be at 5 p.m./PN Reneil Gamboa (left) of Hua Siong College of Iloilo Red Phoenix goes up for an inside hit. PHOTO COURTESY OF WINMEL LEE HUA Siong College of Iloilo Red Phoenix came up with a late run to pull off a 70-69 win over St. Robert’s International Academy Panda Rockets in Game 1 of the ISSA Meet secondary boys basketball finals at the Western Institute of Technology gym.Trailing 62-66 with under two minutes left in the Monday night game, the Red Phoenix went on an 8-0 scoring run behind JJ Gerochi, Reynold Tupas and Lee Yanzi Jimera to surge 68-66.The Panda Rockets had a chance to snatch the lead but Roy Oscar Jacinto misfired in his 3-point attempt before the Red Phoenix raised the advantage to 70-66 with two free throws from Ritchie Galvez.Reniel Gamboa led the Red Phoenix – the defending champions – with 17 markers while Tupas chipped in 14 markers. Gwyn Miles Pendon finished with 20 points for the Panda Rockets.