The Financial Conduct Authority (FCA) should go back to the drawing board on its redress system modernisation plans and take a more ambitious and assertive approach, according to the Personal Investment Management & Financial Advice Association (PIMFA).
The trade body urged the regulator to reconsider the role of the Financial Ombudsman Service (FOS) during mass redress events and investigate consolidating the regulatory regime for claims management companies (CMC). It added the FCA should "look beyond the iterative proposals" put forward in its November discussion paper on redress system modernisation. PIMFA's response to the paper argued that while the FCA's headline proposal of defining a mass redress event would be welcome, many of the "concrete proposals in the paper would have mixed results and would prove minor in nature". ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
