FCA is managing out smaller firms it does not trust, industry says

‘Consumer Duty regulations mark the end for smaller firms’

Hope William-Smith
clock • 2 min read

The Financial Conduct Authority (FCA) is trying to manage out the smaller advice firms in the industry, the majority of industry respondents to a Professional Adviser survey agree.

In last week's PA Asks, 69% of respondents agreed with the statement, ahead of 18% who disagreed and 13% who were unsure. One pundit said: "The signals from the FCA seem to be that they do not trust smaller firms and it would make their life a whole lot easier if there were a few huge corporates. "The FCA should be encouraging smaller firms as it adds diversity and smaller firms in general tend to provide a more personal service to their clients as their motivation is not purely profit/shareholder driven." Another said: "Increased regulatory burden, increased personal liability on ...

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 Your profession

Rise and fall of finfluencers: Shifting the advice landscape

Rise and fall of finfluencers: Shifting the advice landscape

Investors shift back to traditional advice as finfluencers’ popularity falls

Sahar Nazir
clock 24 May 2024 • 7 min read
PA Working Lunches: Register today to hear from Schroders

PA Working Lunches: Register today to hear from Schroders

Join us for an informative session worth one hour of CPD

Professional Adviser
clock 24 May 2024 • 1 min read
DB transfer activity falls to lowest point in six months

DB transfer activity falls to lowest point in six months

XPS finds transfer activity levels have hit record lows

Martin Richmond
clock 23 May 2024 • 1 min read