View more on these topics

Apfa pushes FCA for regulatory dividend for advisers

Apfa has called on the FCA to introduce a regulatory dividend for advisers. 

The trade body has written to FCA chief executive Martin Wheatley outlining a series of steps the regulator should take to improve the business environment for advisers.

Apfa argues given the increased professionalism under the RDR advisers require less supervision and should therefore shoulder less of the FCA’s costs. 

It has also called for the FCA to simplify the data it collects from advisers, and for an increase in FCA reporting timeframes for advisers from six weeks to three months.

Apfa wants a commitment from the FCA to review the lack of a long-stop in 2014/15. It also wants the FCA to revisit the increase in the Financial Services Compensation Scheme investment adviser claims limit from £100m to £150m, in light of the fall in adviser numbers.  

The trade body has also called on the FCA to avoid a  “one size fits all” approach to regulating consumer credit.

Apfa also wants to see a moratorium on major policy initiatives affecting the advice sector until 2015, saying post-RDR firms need regulatory certainty.

Apfa director general Chris Hannant says: “The aim of the RDR was to improve the delivery of investment advice for consumers. Higher professional standards now, and the elimination of commission bias, will reduce the risks that consumers face. 

“For a risk-based regulator like the FCA, reduced risk should entail reduced supervisory effort. In turn, this should mean lower costs, which we want to see passed on to advisers.

“In this new landscape, it needs to be easier for advisers to run their businesses and look after clients. This is not about lowering standards. This is about creating a vibrant environment where firms can grow, develop talent and encourage more young people to join the profession to provide the advisers of the future. It is also about creating a sector which can look after consumers.”

Recommended

Smith-Ewan-Scottish Life-2013 700 x 450.jpg

OFT report a ‘sobering day for the industry’, say insurers

Providers have admitted last Thursday was a “sobering day” for the industry after the Office of Fair Trading published a highly critical report into the workplace pensions market. The OFT report raises concerns about a range of issues in the industry, including high-charging legacy schemes, poor governance standards and a lack of transparency over pension […]

HMRC-Tax-Form-700x450.jpg
1

IFS: Millions more to drift into 40p income tax band by 2030

The Institute of Fiscal Studies director Paul Johnson is predicting at least half of all basic rate taxpayers will pay 40p income tax over the next 15 years as millions more drift into the higher rate band. Speaking at a fringe event on taxation at the Labour party conference in Brighton yesterday, Johnson also predicted […]

Labour warns new LTC system ‘faces collapse’ due to demand

Labour health spokesman and Lords deputy leader Lord Philip Hunt is warning the Government’s proposed long-term care funding system  “faces collapse” due to the weight of demand. The Care bill proposes a cap of £72,000 on long-term care costs from April 2016 meaning people who are funding themselves will need to be assessed by local […]

Adam-Norris-2013-700.jpg

Hargreaves Lansdown investor eyes deals with £100m war chest

One of Hargreaves Lansdown’s biggest shareholders has amassed a £100m war chest to invest in retail financial services firms across the protection, at-retirement and alternative investment markets. Adam Norris, who set up Hargreaves’ pension and annuities arm Pensions Direct, is looking to take a stake of between 25 and 30 per cent in advice firms […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Good luck with this. It would have been nice to see an issue of reducing the paperwork in order do compliant business for simple products and main stream funds. It is total lunacy to spend the amount of time we have to for simple ISA/OEIC/Pension pieces of business.
    As usual just my humble opinion

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com