The IFA who chairs a panel of small businesses advising the FCA has been replaced as the group’s head.
Citywide Financial Partners managing director and former IFA Association director Clinton Askew has chaired the FCA’s Smaller Business Practitioner Panel since April 2015 after joining the group in 2009.
The panel is one of four statutory advisory bodies to the regulator and represents the interests of small and medium sized firms to the FCA.
Askew, who also sat on the FCA’s Financial Advice Market Review expert panel, will be replaced by Wesleyan group chief executive Craig Errington.
— Rory Percival (@rorypercival) March 23, 2017
Errington joined Wesleyan, which provides specialist financial services for doctors, dentists, teachers and lawyers, as a financial adviser in 1991.
According to data compiled by support service provider Threesixty, Wesleyan has the twelfth largest number of CF30 qualified individuals in England and Wales.
Recent FCA board minutes show that the panel raised concerns the amount of information small firms were receiving from the FCA “was becoming overwhelming” and that the regulator said it was now looking at ways to address this.
The other adviser on the panel is Taunton-based advice firm Keyte Chartered Financial Planners director Robin Keyte, who was recently reappointed until December 2019.
Errington says: “The panel plays an important part in our industry and I’m looking forward to meeting regularly with the chairman and chief executive of the FCA to discuss the interests of the smaller and medium-sized firms.
“These companies may not be on every high street or be well known to general consumers, but still look after billions of pounds of customers’ money and it’s important their interests, and those of their customers and members, are well represented with the FCA.”