FCA must reveal 'what good looks like', says APFA chairman

Carmen Reichman
clock

The regulator must be more explicit in explaining what it wants and expects from advisers, or it will fail to achieve its aims, the chairman of the Association of Professional Financial Advisers (APFA) has said.

Speaking at APFA's annual dinner, John Gummer said that, unless the messages from the regulator are clear, firms will not - and can not be expected to - behave as it demands. He also called for lighter-touch regulation in which firms are given the ability to innovate. Speaking at the gala event on 18 November, Gummer said: "I've read the report on where the FCA wishes to go, and it's very good insofar as it goes," he said. "But what it lacks so far is a clear, detailed explanation of what good looks like. What it is that they are looking for?" Gummer conceded the accountability of ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA proposes to cut down on data reporting for firms

FCA proposes to cut down on data reporting for firms

Part of regulator’s programme to ‘reduce burden’

Isabel Baxter
clock 16 April 2025 • 2 min read
FCA pumps £3.7m into advice/guidance boundary review work

FCA pumps £3.7m into advice/guidance boundary review work

Come as the regulator proposes to increase fees by 2.5%

Isabel Baxter
clock 08 April 2025 • 3 min read
Open letter slamming FCA email policy sent to regulator and government

Open letter slamming FCA email policy sent to regulator and government

'Alarming lack of consultation'

Beth Brearley
clock 20 March 2025 • 2 min read