Treasury committee chairman Andrew Tyrie has called on the regulator to scrap the "fundamentally flawed" approved persons regime for advisers and instead align the sector with the new standards being brought in for the banking industry.
The call for action follows the Treasury select committee (TSC) grilling of Financial Conduct Authority (FCA) director of supervision Clive Adamson on Tuesday morning about the failings of the Co-operative Bank, which Tyrie (pictured) said exposed the "fundamental flaws" at the heart of the approved persons regime. Tyrie asked the regulator to draw up a plan for how and when the reforms hitting the banks will be applied across the rest of the financial services industry. The Banking Reform Act 2013 abolished the approved persons regime for deposit-taking institutions and some investme...
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