FCA's Wheatley has 'overstepped commercial lines'

Nicola Brittain
clock

The Financial Conduct Authority chief executive's statement that advisers should not charge their clients a percentage of assets "significantly overstepped commercial lines" according to one managing director and adviser.

Affluent Financial Planning managing director and IFA Carl Melvin said that Martin Wheatley's comments, made at the Financial Service Authority's (FSA) last annual conference in July, were "ill advised" and "overstepped commercial lines". At the time Wheatley (pictured) said that charging a percentage could result in 'dealing bias' where the adviser only gets paid if people buy a product and that a fixed fee was preferable. However, Melvin said that many advisers charge a fee prior to implementation which helps deal with this bias. He added: "Similarly some have argued that wealthy...

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 Regulation

FOS reveals next phase of reforms

FOS reveals next phase of reforms

Including new powers to dismiss certain cases

Isabel Baxter
clock 11 August 2026 • 3 min read
Court sets trial date in illegal financial promotions case

Court sets trial date in illegal financial promotions case

Lucy Beck pleads not guilty

Sophia Panayi
clock 31 July 2026 • 1 min read
FCA flags weak customer outcome focus in firms' monitoring frameworks

FCA flags weak customer outcome focus in firms' monitoring frameworks

Consumer Duty review found inconsistent governance and oversight

Sophia Panayi
clock 27 July 2026 • 2 min read