FCA chairman John Griffith-Jones has defended the regulator’s “pragmatic” data collection despite industry concerns over escalating costs.
Speaking at a Wealth Management Association conference in London this week, Griffith-Jones said good data is a precursor to good regulation.
Griffith-Jones said: “While I can sympathise, and have been lobbied pretty vigorously by your leadership, about the amount of time spent wading through our consultation papers, guidance documents, our calls for evidence and our requests for data; my sympathy is tempered by a little bit of pragmatism.
“By all means keep challenging us on the volume of requests but do not lose sight of the value of good data as a precursor to better regulation.”
Griffith-Jones says the greater use of thematic reviews and collecting data from firms enables the regulator to spot future problems.
Last week, Treasury select committee chair Andrew Tyrie hit out at the regulator for “mindless” data collection from regulated firms.
Money Marketing reported last month on adviser trade and professional bodies’ call for an urgent FCA review into the retail mediation activities return following adviser anger over increasing regulatory costs.
Apfa research puts the total industry cost of meeting regulatory reporting requirements at over £10m a year.
Wingate Financial Planning director Alastair Cunningham says: “There are a lot of data requests so it would be nice if the FCA gave us more detail on what it needs the information for. I would like to see greater regulatory transparency.”