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

Updated: Failed financial advice firms tracker

Updated: Failed financial advice firms tracker

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

Professional Adviser
clock 08 October 2025 • 1 min read
FCA: Fair value in advice 'not about charging the lowest fees'

FCA: Fair value in advice 'not about charging the lowest fees'

Consumer investments department head says it should not be a ‘race to the bottom’

Sahar Nazir
clock 03 October 2025 • 2 min read
FCA commits to Consumer Duty changes to 'remove disproportionate burdens'

FCA commits to Consumer Duty changes to 'remove disproportionate burdens'

CEO Nikhil Rathi sets out four-point plan

Michael Nelson
clock 01 October 2025 • 3 min read