The FCA held its annual meeting last week producing lots of headlines about disgruntled consumers upset about a range of issues including LCF, Lendy and Woodford. Very different issues for very different firms of, course, though much of the national coverage generated more heat than light. There were a few stories of note.
FCA chief Andrew Bailey says the FCA will reassess its approach to conduct regulation post Brexit. It could be an opportunity for a redesign, although I am a little cynical about some of the things Bailey has blamed on Europe including issues around Neil Woodford. Are they really the EU’s fault?
However, the disclosure confusion and amount of paperwork due to MiFID II and related regulation would certainly be worth reassessing.
The regulators including Andrew Bailey tell Money Marketing that the regulatory boundary is difficult to police. But neither Bailey nor Chris Woolard really want to be drawn on LCF. This may be understandable given the forthcoming independent inquiry.
The FCA is to replace Gabriel with something ‘that is easy to use’. IFAs will be watching the process with interest but also perhaps some trepidation.
Tony Wickenden calls for life insurance to be put back into the heart of financial planning.
Advisers’ regulatory bills are growing despite the drop in FCA fees. This isn’t surprising really given the stresses on the compensation scheme. There are tales on social media of really big chunks of turnover being devoted to paying for regulation and PI.
The Financial Ombudsman Service has asked advisers for feedback on its plans to split funding evenly between case fees and the levy. It’s a shame they didn’t consult like this for the rise in the maximum compensation limit.
Professional Adviser and the FCA are duelling over DB transfer data according the Professional Adviser.
TISA chief executive David Dalton-Brown suggests more financial guidance is the solution to the Woodford woes. One to debate.
Political consultant Iain Anderson assesses the personal finance implications of either a Boris Johnson or Jeremy Hunt premiership. Besides the personal or corporation tax cuts, there are a few ideas – Johnson wants consolidated public sector pensions investing in infrastructure, Hunt wants an auto-enrolment style system to pay for care. Well know the result on Wednesday.