FCA must reveal 'what good looks like', says APFA chairman

Carmen Reichman
clock

The regulator must be more explicit in explaining what it wants and expects from advisers, or it will fail to achieve its aims, the chairman of the Association of Professional Financial Advisers (APFA) has said.

Speaking at APFA's annual dinner, John Gummer said that, unless the messages from the regulator are clear, firms will not - and can not be expected to - behave as it demands. He also called for lighter-touch regulation in which firms are given the ability to innovate. Speaking at the gala event on 18 November, Gummer said: "I've read the report on where the FCA wishes to go, and it's very good insofar as it goes," he said. "But what it lacks so far is a clear, detailed explanation of what good looks like. What it is that they are looking for?" Gummer conceded the accountability of ...

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

Regulators urged to hold pension transfer 'bad actors' to account

Regulators urged to hold pension transfer 'bad actors' to account

Advisers report ‘widespread and sometimes extreme delays’

Sahar Nazir
clock 24 November 2025 • 5 min read
FCA bids to save firms £100m a year with transaction reporting changes

FCA bids to save firms £100m a year with transaction reporting changes

Aiming to reduce costs and improve quality of data

Isabel Baxter
clock 21 November 2025 • 1 min read
Government to reconsider rejection of Waspi compensation

Government to reconsider rejection of Waspi compensation

Rethink does not guarantee that financial redress will be awarded

Jonathan Stapleton
clock 12 November 2025 • 3 min read