Why the FCA's data request demands more than compliance

It was reported last month that the FCA had begun contacting chief executives at the UK's 5,000 financial advice firms with what, at first glance, appeared to be a routine data request. Yet, to dismiss the move merely as regulatory housekeeping would be to overlook a significant gear-change in the regulator's supervisory stance. The FCA is now sharpening its focus on firms' underlying business models, service propositions and governance systems. This data request underscores a growing expectation that firms evidence a culture and infrastructure set up to deliver positive client ou...