APFA challenges 'inefficient' FCA to cut annual budget up to 2% a year

The director general of the Association of Professional Financial Advisers (APFA) said despite signs of improved engagement there remained much work to be done in terms of "streamlining the bureaucracy and cost" of regulation. He told PA the regulator should itself be aspiring and working towards achieving cost savings. "At a minimum they should freeze their budget if not reduce it by 1% or 2% year-on-year," he said. "Most organisations should be able to improve their efficiency and yield savings on an annual basis. You are not going to achieve that unless you set yourself a goal a...