'FSA must not replicate subjective Fos approach'

clock

The Association of IFAs has raised concerns the ombudsman's subjective approach to deciding cases will be replicated by the FSA in its principles-based regulatory regime.

Speaking at Prudential’s industry forum in Birmingham, Fay Goddard, deputy director general at Aifa, says the association welcomes the flexibility brought by a move towards principles-based regulation, but is concerned the FSA could replicate the Fos through its regime. She says the Fos is extremely subjective when it decides cases because a firm may have met every requirement but still be judged as not fair and reasonable by the ombudsman. “We don’t want to see this being replicated through the regulatory regime,” says Goddard. Aifa is also concerned a move to principles-based reg...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

News editor's view: The advice profession is getting bigger, but is it getting better?

News editor's view: The advice profession is getting bigger, but is it getting better?

The news editor's Friday Night Takeaway from 11 September

Isabel Baxter
clock 11 September 2026 • 3 min read
Feel Good Friday: Rosemount renews mental health partnership for advisers

Feel Good Friday: Rosemount renews mental health partnership for advisers

Supporting The Global Returns Project, Grief Encounter, FoodCycle and Verve Foundation

Professional Adviser
clock 11 September 2026 • 1 min read
Is compliance the hidden driver of business value and saleability?

Is compliance the hidden driver of business value and saleability?

'The reality is simple - buyers will pay more for certainty'

Paul Bruns
clock 09 September 2026 • 7 min read