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...
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