Great expectations: Assessing the FCA's personal recommendations paper

If there is one thing for which there is no gap in the market, it is financial services "gaps". I think we are all well aware of the much discussed savings and protection gaps, but now the Financial Conduct Authority (FCA) itself has unveiled a new gap: the "expectations gap", detailed in its consultation paper Clarifying the boundaries and exploring the barriers to market development. The gap in question is that between the expectations the regulator has of adviser firms, and the firms' understanding of those expectations. The work undertaken to identify the expectations gap took ...