FCA regulation 'should be about more than how products are sold'

Chris Budd speaks to advisers at the IFW annual conference

Hope Coumbe
clock • 1 min read

It would be beneficial to see the Financial Conduct Authority (FCA) begin to regulate using data measuring “consumer-centric outcomes,” Institute for Financial Wellbeing (IFW) founder Chris Budd says.

Speaking on a financial wellbeing panel at the IFW Invest in Wellbeing conference today (21 May), Budd acknowledged the regulator's current approach. "Compliance is product-based because you can measure it and that is an easy way for the FCA to do things," he explained. "They have to do it on a scale." Despite this, Budd said he would like to see the watchdog focus more on measuring client outcomes, including whether consumers' happiness is increasing and whether their relationship with money is improving. "It's not just whether the product was sold correctly or not," he opined. "T...

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