The FCA has asked firms to send it examples of instances when they believe the regulator has applied its rules retrospectively.
In its latest regulation round-up newsletter, published today, the FCA says this is part of its work aimed at closing the “expectations gap” between regulators and the industry.
Last year, the FCA investigated the extent to which there is a difference between its expectations of firms and firms’ understanding of what is required of them.
It looked at whether this meant that firms are shying away from providing products or services that would be beneficial for customers for fear of falling foul of the rules.
As a result, last month the regulator published a consultation paper which aimed to clarify the boundaries between full advice, simplified advice and non-advised services.
The regulator says: “We remain interested to hear from firms about times when they believe the FCA (or the FSA) applied its rules retrospectively. That is, applied a more demanding standard or interpretation of the rules after the event with the benefit of hindsight.
“The examples you give us will be used to feed into our continuing work, and our approach to communicating with the industry.”
The FCA asks firms to submit the examples through its website and to be as specific as possible.
The FCA is also encouraging firms to work with the regulator as part of Project Innovate, through which it aims to work with firms as they develop new technologies.
To submit examples of retrospective action click here.