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...

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

Targeted support: FCA shuns 'overly prescriptive' approach to vulnerability

Targeted support: FCA shuns 'overly prescriptive' approach to vulnerability

Considered prescribing how firms should support ‘vulnerable consumers’

Isabel Baxter
clock 30 June 2025 • 2 min read
Targeted support: 38,000 current advice users expected to switch

Targeted support: 38,000 current advice users expected to switch

Firms could generate up to £499 in revenue per customer

Isabel Baxter
clock 30 June 2025 • 4 min read
Targeted support: An 'expedient way' to meet Consumer Duty cross-cutting obligations

Targeted support: An 'expedient way' to meet Consumer Duty cross-cutting obligations

FCA urges firms to treat all recipients of targeted support as retail customers

Isabel Baxter
clock 30 June 2025 • 2 min read