“Ongoing failure” of the Financial Conduct Authority’s (FCA) supervisory regime is partly to blame for the colossal increases in the Financial Services and Compensation Scheme (FSCS) levy, an industry body has said.
The Personal Investment Management & Financial Advice Association's (PIMFA) latest report FCA Supervision - fit for purpose?, published today (2 March), slammed the regulator for not properly supervising some firms linked to FSCS claims. "PIMFA recognises that the FSCS provides a valuable safety net for retail clients and enhances consumer confidence when engaging with financial services firms. Member firms are of the view that a number of material claims on FSCS are attributable to an ongoing failure of FCA's supervisory regime." While PIMFA said it did not advocate a no-default supe...
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