Andrew Bailey: Brexit is not an excuse to delay FAMR

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New FCA chief executive Andrew Bailey has quelled concerns that recommendations from the Financial Advice Market Review will be put on the back burner following the EU referendum.

Speaking to journalists after the regulator’s annual public meeting yesterday, Bailey says: “We are not putting work on hold because of Brexit. The reason for that is it would be wrong because we have got domestic and other objectives.

“We are not putting off pursuing our statutory objectives for another thing that is going on. We have got to pursue the issues the FAMR has revealed irrespective of what the outcome is from the referendum.”

Earlier, in his speech to the public, Bailey – who is in his third week at the regulator – said work had already begun at the FCA on several of FAMR’s 28 recommendations including establishing the robo-advice unit, creating a financial advice working group and starting the Financial Services Compensation Scheme funding model review.

Bailey adds: “None of us know how long this European process will go on for so it is not realistic to put life on hold while we wait for that outcome.

“This is a matter of balancing and enabling us to do what we need to do in terms of the referendum work but we are not going to give up and abandon the domestic objectives.”