Compliance which adds little to the client experience except an extra layer of cost is on the regulator's radar as an area of concern it is investigating, Financial Conduct Authority (FCA) technical specialist Rory Percival has said.
Speaking at a Distribution Technology conference in London yesterday, Percival (pictured) said the regulator has been looking into what may be excessive compliance, as firms try to ensure they don't fall foul of the rules on treating customers fairly (TCF). The FCA holds TCF as "central" to its expectations of firms' conduct, "that firms put the well-being of customers at the heart of how they run their businesses". Firms view compliance as a key way of ensuring they meet this commitment. However Percival said the regulator has seen examples of unnecessary compliance, the costs of whi...
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
