Rory Percival 'surprised' over latest FCA consumer harm warning

Regulator outlines adviser expectations for 2020

clock • 2 min read

Former FCA man Rory Percival was surprised to hear the Financial Conduct Authority’s (FCA) claim that cases of consumer harm in the advice process are increasing.

The FCA wrote to advisers this morning, outlining the next stage of its suitability review will focus on retirement income. In its Dear CEO letter, the regulator outlined its approach to tackling key areas of concern linked to adviser firms and actions advisers should take this year. The FCA said it was "seeing a number of cases where the actions of firms are resulting in significant harm to consumers financial wellbeing". It highlighted pension transfers and investment scams as areas where consumers were being harmed, claiming authorised firms were continuing to work with unregula...

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

Non-financial misconduct: Is the FCA's final guidance progress or overreach?

Non-financial misconduct: Is the FCA's final guidance progress or overreach?

'The FCA's rationale is clear: workplace culture drives conduct risk'

David Hamilton
clock 26 January 2026 • 4 min read
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