FCA chief Wheatley backs innovators to close advice gap

clock

The chief executive of the Financial Conduct Authority (FCA) has said the market will innovate to close any advice gaps created from changes brought in following the Retail Distribution Review (RDR).

Speaking in front of the Treasury Select Committee (TSC) on 9 September, Martin Wheatley said the FCA wanted to ensure it is not a barrier to innovation but that, "whatever" the extent of the advice gap, "people will innovate and fill" it. In July, the FCA opened a consultation examining what constitutes a personal recommendation. It was one of a number of steps taken by the regulator to tackle what it calls an ‘expectations gap' between it and regulated firms and individuals. It wanted to know whether firms are "shying away" from providing products or services that would benefit c...

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

Trade bodies call for chancellor to stop FCA public enforcement

Trade bodies call for chancellor to stop FCA public enforcement

‘Proposals to publicise investigations are a worrying development’

Isabel Baxter
clock 29 April 2024 • 2 min read
SDR extension plans will ensure 'uniform standard' for portfolios

SDR extension plans will ensure 'uniform standard' for portfolios

'Retail-focused firms are also facing a short timeline to prepare'

Cristian Angeloni
clock 24 April 2024 • 4 min read
FCA proposes advisers and platforms 'must' communicate SDR labels

FCA proposes advisers and platforms 'must' communicate SDR labels

Distributors also must provide access to consumer-facing disclosures

Isabel Baxter
clock 23 April 2024 • 1 min read