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Apfa pushes FCA for regulatory dividends

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 that, 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.

An FCA spokesman the regulator has received the letter from Apfa and will respond in due course.

Thameside Wealth director Tom Kean says: “I particularly agree with Apfa on the point about data collection. It is not really clear how the FCA uses all the data, and nobody is telling us why the FCA needs all this information. Most of it feels pretty meaningless to me.”   

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