The Financial Conduct Authority (FCA) should establish "clear and measurable" objectives to make it more accountable, the Association of Independent Financial Advisers (AIFA) has said.
A consultation paper, The Journey to the Financial Conduct Authority, outlined the new body's approach to regulation of the financial services industry.
Policy director at AIFA, Chris Hannant, said: "The introduction of a new regulator offers an opportunity to set out clear criteria that we can use to measure its performance.
"Regulatory authorities have previously had far too little public accountability for their actions.
"We would like to see clear and transparent outcomes set for the FCA that it can be judged on. At present the proposed criteria are far too subjective."
He added the role of the regulator should be to foster a successful financial services sector and encourage consumers to take positive decisions about their finances.
"We need clear and measurable objectives, such as the levels of savings and protection consumers have.
"The regulator has made clear it will take a more interventionist approach. A key measure of the success of this approach will be a reduction in compensation claims and overall levels of compensation.
"The regulator should be accountable for delivering on this objective."
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