Adviser trade body founder Garry Heath has called on the Financial Advice Market Review (FAMR) to consider creating an adviser-focused regulator to replace the Financial Conduct Authority (FCA).
Heath's Libertatem wants a smaller, streamlined version of the regulator, the Financial Ombudsman Service and the Financial Services Compensation Scheme, which focuses solely on financial advice firms. The new entity would abide by common law and its limitations act, as opposed to the Financial Services and Markets Act, eliminating the problem of unlimited liability for advisers. It could be run cheaper by cutting back on the salaries of senior management, Heath said - former FCA CEO Martin Wheatley was earning about £700,000 before he was ousted - and by moving its headquarters out o...
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