Regulation

The regulator is moving away from an over-reliance on static rules and regulations to a "good judgement" approach, and expects the industry to follow suit, Martin Wheatley has said.

The Association of Professional Financial Advisers (APFA) has called for a lighter regulatory approach and a tighter grip by the regulator on product manufacturers.

The Financial Services Compensation Scheme (FSCS) has confirmed that it will calculate compensation fees on a three-year basis in the future, following a consultation process that received some "detailed" but "positive" feedback.

An adviser has complained to the Financial Conduct Authority (FCA) following an hour-long phone conversation about Retail Mediation Activities Return (RMAR) reporting that led to an agreement over accounting rules that was not "entirely logical".

Europe's insurers spent as much as €9bn keeping pace with a barrage of regulatory changes imposed on the industry in the years following the financial crisis, according to a report by Deloitte.

REGULATION

The National Audit Office (NAO) has launched an investigation into the new financial services regulatory structure that came into effect this year.

Sustainable and well regulated growth in financial services could generate an additional 265,000 jobs and boost GDP by between 2% and 3% by 2020, a report from PwC has found.

Financial Conduct Authority (FCA) chief executive Martin Wheatley has said he "can't commit" to lowering advisers' regulatory fees, despite a marked drop in practitioner numbers.

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