The FCA is developing a new strategy for how it engages with advisers.
Responding to annual appraisals from the four statutory panels charged with monitoring the regulator’s performance, the FCA says it is looking to bolster its interaction with advisers.
The regulator is currently conducting a series of events around the country it is calling Live and Local, where advisers can hear its views on compliance and professional governance as well as take part in surgeries with FCA supervisors.
The events programme has cost the FCA more than £150,000 to date. The regulator says it is planning to build on this work and roll out a new targeted communications strategy in the second quarter of 2017 to “enable better engagement with firms and individual advisers”
The FCA says: “We are reviewing the tone and level of detail of communications within [the life insurance and financial advice division] to build on the interaction to date at both Live and Local events and regional conferences. For example, we have undertaken external communication activity with over 5,000 advisers over the last year. A more targeted communications strategy is currently being developed to enable better engagement with firms and individual advisers, and this is expected to begin being rolled out in Q2 next year.”
— FCA (@TheFCA) December 6, 2016
The FCA said it had also taken on feedback from the panels that firms may be having to provide too much information to clients.
The FCA says: “We note comments that the level of information firms are required to provide for consumers is excessive, which also came out through FAMR and are looking at this through the output of the Smarter Consumer Communications Feedback Statement.”