Panel member Richard, also known as Dick Carne, director of Hampshire-based Asset Management IFA Ltd, said he had spent so much time “trying to fight” the regulator in his capacity as a member of the panel, and as a council member of the Association of Professional Financial Advisers, that he was exhausted - leading to his business suffering.
The SBPP was set up as a requirement of the Financial Services Act 2012, to provide the perspective of smaller regulated firms to the FCA.
Speaking on online advisory forum Panacea Adviser, Mr Carne said he had given notice to the FCA that he would be stepping down in June after three years, and would also be stepping down from Apfa after ten years.
He said: “My main aim was to make the regulator accountable in terms of the effects of its regulation on the nation’s savings, protection and pension investment habits.
“Quite simply all regulatory rules and actions should be measured against those key areas and if it makes any of them worse it should be scrapped or not proceed.
“I now realise that I need political backing to succeed in that respect because the regulator is very happy with the status quo. Who would take on such accountability willingly if they could get away with not doing so?
“I do not have the political clout to get in front of the right people in pursuit of my aim so I’m throwing in the towel.”
He added that he had achieved so little in his three years on the SBPP that it “was not a good use of my time” but said he had tried “to fight the corner of the beleaguered IFA”.
Mr Carne, said: “I remember this industry when it was fun to be in. Regulation has succeeded in turning it into a shear bloody grind yet the consumer has never needed us more.”
An FCA spokesman said: “All members of the FCA panels are appointed on three-year terms, and Dick Carne is standing down at the end of his three-year term.
“Panel membership aims to provide a representative cross-section of the views of the industry to the policies and practices of the FCA, with a regular turnover of membership. The views of the panels make an important contribution to the internal debates of the FCA, and the FCA is grateful to Dick Carne for his contribution.
“There continues to be financial adviser membership on the smaller business practitioner panel, and we are looking to increase the consumer credit representation to reflect the FCA’s extended remit. “