Industry calls on government to reform 'not fit for purpose' FCA

‘They have no idea about our market and drown us in petty regulation’

Isabel Baxter
clock • 3 min read

The majority of the advice industry believes the government should reform the Financial Conduct Authority (FCA), a Professional Adviser poll has shown.

Our latest PA Asks revealed that 86% of respondents felt the government should reform the regulator, whilst 7% said no reform was necessary and 7% said they do not know. "FCA's senior management are arrogant, refuse to listen, and have no idea about our market. They are drowning us in petty regulation," one pundit stated. Multiple pundits said they believed the FCA "had not done its job", particularly when considering cases such as Neil Woodford. One said: "The FCA has been responsible for massive failings with NO comeback. "They have put in place ridiculous tick box exercises a...

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