PFS chief backs the FCA

The FCA recent exhibited at several PFS regional conferences, with the regulator’s presentations receiving very high scores from the society’s members.

Richards said: “The FSA had developed a reputation for focusing almost entirely on telling advisers what they were doing wrong, which more often frustrated the sector.

“The FCA has replaced that adversarial approach with a spirit of co-operation and the promotion of good practice.

“The regulator’s new view of ‘what good looks like’ is far more inclined to deliver the best possible outcomes for consumers.

“Working co-operatively by sharing principles and priorities is definitely the best way to achieve that.”

At the PFS events in Q2 and Q3 more than 5,000 advisers were given the opportunity to get in contact with the regulator directly.

Richards added: “The FCA changed their theme from risk and suitability [in Q2], to adviser charging and disclosure in Q3, maintaining ratings of above 90% for both content and delivery.

“As well as being impressed with the content, our members were quick to acknowledge a more constructive approach and the willingness of presenters, Mark Goold and Rory Percival, to make themselves available and answer a range of questions.

“We remain on a journey as a relatively young profession and there is increasing evidence that the FCA appreciate that they too need to evolve alongside us.”