Concerns over narrowing of advice
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The Financial Services Practitioner Panel has warned of poor consumer outcomes if good quality advice becomes prohibitively expensive under the Financial Conduct Authority.
Panel chairman Iain Cornish, who is the outgoing chief executive of Yorkshire Building Society, raised concerns over how the FCA will treat vulnerable customers as part of a panel session at an FSA conference on the FCA last week.
He said: “If one of the outcomes of the regulatory changes means it is prohibitively expensive for good quality advice to be available across a really broad spectrum of the population, I do not think that is a good consumer outcome.”
Debt charity Money Advice Trust chief executive Joanne Elson said: “The FCA is going to need to do some thinking about what happens at the bottom end of the market to the vulnerable consumers, who are the people who are least able to pick up the pieces. This is really a plea to make sure those people are protected in this new regime.”
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