FCA receive positive feedback from advisers

Chief executive, Keith Richards reports that members awarded the FCA some of the highest scores for their business-relevant CPD presentations across all 26 regions.

He said:

“More than 5,000 advisers attended the Q2 and Q3 events and for some it was their first opportunity to interact with the regulator directly. The consensus was consistent and hugely positive.”

Richards revealed that the results from the Q3 conferences, which concluded at the end of September, were similarly impressive to Q2.

“The FCA changed their theme from risk and suitability (in Q2), to adviser charging and disclosure in Q3, maintaining ratings of above 90 per cent for both content and delivery,” he confirmed.

“As well as being impressed with the content, our members were quick to acknowledge a more constructive approach and the willingness of presenters, Mark Goold and Rory Percival, to make themselves available and answer a range of questions.

“By comparison, the FSA had developed a reputation for focusing almost entirely on telling advisers what they were doing wrong, which more often frustrated the sector.

“The FCA has replaced that adversarial approach with a spirit of co-operation and the promotion of good practice. The regulator’s new view of ‘what good looks like’ is far more inclined to deliver the best possible outcomes for consumers.

“Working co-operatively by sharing principles and priorities is definitely the best way to achieve that.”

He continued:

“I detect that a growing proportion of those who have encountered the FCA first-hand would not disagree with the fact that a change is evident and beginning to make a significant difference.

“The important role financial advice has to play in the future is being increasingly recognised by Government and consumer bodies and it is equally encouraging to hear the regulator acknowledge that tangible progress is being made within the financial planning sector.

“We remain on a journey as a relatively young profession and there is increasing evidence that the FCA appreciate that they too need to evolve alongside us.”