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

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 15 May 2026 • 1 min read
Abuse victims must not be 'blocked' from redress, group urges

Abuse victims must not be 'blocked' from redress, group urges

In response to FCA and FOS consultation paper

Jen Frost
clock 12 May 2026 • 3 min read
FCA receives 210 whistleblower complaints over Consumer Duty in Q1

FCA receives 210 whistleblower complaints over Consumer Duty in Q1

Closed 265 whistleblowing cases between January and March

Michael Nelson
clock 11 May 2026 • 2 min read