Call for 'fiduciary duty' to replace TCF

Adam Phillips told the Financial Times that the incoming Financial Conduct Authority (FCA) - one of the FSA's replacement regulatory bodies - should have the power to write rules to enforce the duty. Phillips is due to speak today during a Joint Committee hearing on the draft Financial Services Bill. He said the FSA's existing TCF principles failed to provide enough protection for consumers. He told the FT the problem was acute for customers with lower incomes who could not afford to pay for independent advice, which he said was more tightly regulated. "We should get the industr...