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

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
Open finance could pose 'existential threat' to advice market

Open finance could pose 'existential threat' to advice market

Consumer Duty Alliance tech forum attendees hear

Sophia Panayi
clock 23 July 2026 • 3 min read