Gummer: We need to stop bad advisers popping up elsewhere

Carmen Reichman
clock

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...

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

FCA urged to 'think again' on targeted support annuity rules

FCA urged to 'think again' on targeted support annuity rules

Regulator’s MoneyHelper signpost criticised as a ‘real limit’

Isabel Baxter
clock 03 September 2025 • 2 min read
FCA continues data reporting cuts

FCA continues data reporting cuts

Regulator removes more data returns

Isabel Baxter
clock 28 August 2025 • 1 min read
Regulatory and employment-related changes – what do firms need to prepare for?

Regulatory and employment-related changes – what do firms need to prepare for?

‘Getting these issues right is not just about avoiding regulatory action or tribunal claims’

Sophie White
clock 21 August 2025 • 4 min read