The regulator has woken up to the fact no-one likes surprises that affect their business, Christopher Woolard, director of policy, risk and research at the FCA has said.
In a short report produced to mark the 15th anniversary of the Association of Professional Financial Advisers, Mr Woolard promised the FCA would adopt a more collaborative approach with industry, working with them to arrive at solutions.
Mr Woolard also promised the regulator would be proportionate. He said that was reflected in how resources at the City watchdog are dedicated to “where the risks are”, and for smaller firms it claimed to have a sector-based approach.
Mr Woolard said: “What can firms expect from the FCA? More and better engagement and a willingness to listen – even to criticism. No doubt there will be some disagreement along the way, and we welcome a constructive debate with our fee payers, with Apfa, consumer groups and others with an interest in what we do.
“That discussion is vital if we are to ensure that consumers have access to an advisory market they can trust.”
Chris Hannant, director general of Apfa, said the regulator had put effort into being open with the industry.
But he said the FCA’s best efforts to forewarn the industry could be hampered by events forcing the regulator’s hand.
He said: “The real test is can the FCA realise that dream [of forewarning]? It has made a start but it is about consistency.”
