Bodies such as the FCA, the Financial Ombudsman Service and the Financial Services Compensation Scheme must work together for consistent regulation, Gill Cardy has said.
Speaking about a call by the FCA for examples of retrospective application of regulatory rules, Ms Cardy, network development director at Cardiff-based ValidPath, said industry watchdogs needed to agree on boundaries.
She said: “All those bodies together ought to be able to sit together round a table and agree.
“If FOS and the FSCS are not applying the same rules as the FCA, then that’s the more damaging thing (than retrospective application).”
In a release, the FCA said: “We remain interested to hear from firms about times when they believe the FCA (or the FSA) applied its rules retrospectively.
“That is, applied a more demanding standard or interpretation of the rules after the event with the benefit of hindsight.”
Comments must be sent, in writing or using the FCA’s online response form, by 10 October.
Adviser view
Dennis Hall, managing director of London-based Yellowtail Financial Planning, said: “It’s probably a shrewd move in the FCA’s part to say up ‘Come up with the evidence’ - a lot of what is called retrospective regulation may not be real.”
