APFA calls on regulator to drop adviser phone-recording plans

'FCA must adopt proportionate approach' - Chris Hannant

Tom Ellis
clock • 2 min read

The Association of Professional Financial Advisers (APFA) has called on the regulator not to "gold-plate" its proposed telephone recording rules and argued current suitability reports already ensure a "clear and unambiguous record" of what advisers recommend to clients.

The trade association also urged the regulator to "adopt a proportionate approach" in its implementation of Markets in Financial Instruments Directive II (MiFID II) policies. In its consultation paper on the directive, published in September, the financial watchdog said the incoming MIFID II rules would require advisers to record all their calls to clients. "We think taping conversations between firms and their clients is likely to be an effective way of advancing our consumer protection objective," the Financial Conduct Authority (FCA) added at the time. Responding to the regulato...

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

FCA ban and £2m fine upheld against 'worst' British Steel adviser

FCA ban and £2m fine upheld against 'worst' British Steel adviser

Upper Tribunal backs regulator's findings in key BSPS misconduct case

Sahar Nazir
clock 19 January 2026 • 2 min read
Failed financial advice firms tracker

Failed financial advice firms tracker

Firms that the FSCS has confirmed as failed since the start of 2023

Professional Adviser
clock 19 January 2026 • 1 min read
Why well-run advice firms still shoulder an unfair FSCS burden - and what needs to change

Why well-run advice firms still shoulder an unfair FSCS burden - and what needs to change

Tom Hegarty shares his views on the FSCS levy and why things need to change...

Tom Hegarty
clock 08 January 2026 • 4 min read