Speaking at the Positive Solutions Annual Partner Forum at the Birmingham ICC this week, director general Chris Cummings said the FSA should have undertaken this research and gathered proper evidence before drawing up the discussion paper.
He said: “Speculation is fine but I wish they would have looked at the evidence rather than spending money on market research now.”
He says he has no hesitation in walking into the Treasury, Brussels or the FSA armed with the argument that advisers distribute the majority of financial services products in the UK yet have such a small number of complaints against them compared to other forms of distribution.
He told the FSA to stop concentrating on IFAs when looking at the savings ratio as it is a wider issue. “As a society we have fallen out of love with the savings culture, we need a full savings debate,” he said.
FSA spokesman Adam Richards-Gray says: “We are conducting research now as part of the consultation process to assess the potential effects of the ideas from the discussion paper.
The timing means the industry has longer to interact with the review, make sure their voices are heard and keep the debate going. If we had conducted all this research before the DP it would have delayed the review which would not have been in anyone’s interests.”