FCA regulation 'should be about more than how products are sold'

Chris Budd speaks to advisers at the IFW annual conference

Hope Coumbe
clock • 1 min read

It would be beneficial to see the Financial Conduct Authority (FCA) begin to regulate using data measuring “consumer-centric outcomes,” Institute for Financial Wellbeing (IFW) founder Chris Budd says.

Speaking on a financial wellbeing panel at the IFW Invest in Wellbeing conference today (21 May), Budd acknowledged the regulator's current approach. "Compliance is product-based because you can measure it and that is an easy way for the FCA to do things," he explained. "They have to do it on a scale." Despite this, Budd said he would like to see the watchdog focus more on measuring client outcomes, including whether consumers' happiness is increasing and whether their relationship with money is improving. "It's not just whether the product was sold correctly or not," he opined. "T...

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

Moving beyond FG12/16: The evolution of investment propositions

Moving beyond FG12/16: The evolution of investment propositions

'The modern adviser requires a holistic approach'

Karl Dines
clock 21 November 2024 • 4 min read
FCA's Nikhil Rathi registers interest for top civil service job - reports

FCA's Nikhil Rathi registers interest for top civil service job - reports

FCA CEO term to end next year

Linus Uhlig
clock 19 November 2024 • 1 min read
A practical guide to getting ongoing reviews in order

A practical guide to getting ongoing reviews in order

Have you considered file checks on annual review cases?

Jennifer Peaty
clock 19 November 2024 • 6 min read