The Financial Conduct Authority (FCA) needs to ensure people who have been shut out of the advice space can't return and "make a monkey" out of the system, the Association of Professional Financial Advisers (APFA) chairman has said.
Speaking at the APFA annual dinner on Wednesday evening, Lord Deben, John Gummer, (pictured) said the regulator had placed too much emphasis on the advised sales process and had failed to act as a 'gatekeeper' to protect the industry from bad practitioners. He told the audience: "We need a balance between the regulatory and the supervisory process. "The FCA needs to focus on gatekeeping, approving only the right people, and for a scheme to work with the FCA to share information that bad advisers do not pop up again elsewhere." He added: "Our members feel most strongly that people w...
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