APFA responds to FCA CAR postponement

Under the new proposal, phasing in of the new requirements will begin in 2015 and will be completed by 2017.

Chris Hannant, director general at APFA, said: “APFA welcomes the FCA’s decision to defer implementation of capital adequacy requirements, and to review its overall approach.

“We had previously raised a number of concerns with the regulator about the complexity and potential impact of the proposed rules, and we are pleased these are being addressed.

“As part of our call for a regulatory dividend for financial advisers, one crucial element is that the FCA makes it easier for firms to do business.

“Simplifying the capital adequacy requirements asked of advisers would reduce the regulatory burden firms face. We look forward to liaising further with the FCA as part of its review