If Jack McVitie were head of the FCA for a day, he would set revenue and registered individual (RI) targets for advice firms - at, say, £3m and 15 RIs respectively - and those that did not meet those targets would have to become authorised through a network.
The LEBC chairman and CEO says this means the networks would take care of the smaller firms, which would, in turn, enable the Financial Conduct Authority (FCA) to focus on the bigger fish. "I could then - as the head of the FCA - concentrate on the bigger firms and effectively outsource to the networks," he adds. McVitie is the latest Adviser Champion to appear in Professional Adviser's regular series of video interviews, which has most recently featured Hearthstone Investments' Cedric Bucher, Succession Group's Mark Stokes and EQ Investors' Damien Lardoux. You can find out more of...
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