Garnier raises adviser issues to FCA

Garnier raises adviser issues to FCA

Fairness for financial advisers will be a key part of the FCA’s upcoming review of the FSCS levy, the regulator’s chairman has said.

John Griffith-Jones made the comments after being asked about the issue by Conservative MP Mark Garnier when he appeared before the Treasury Select Committee.

Mr Garnier had told Financial Adviser he would be raising issues around RDR, the advice gap and costs with the FCA three weeks ago.

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Mr Griffith-Jones said: “Since the financial crisis talk about the FSCS have been dominated by bailing out the banks but in normal times we don’t expect it to bail out the banks.

“So when we do our review we will have to concentrate much more on the fairness to IFAs than when the FSCS was reviewed last time.”

Tracey McDermott, acting chief executive of the FCA who appeared alongside Mr Griffith-Jones, was also asked about RDR and whether the regulator would be reviewing it in light of the Financial Advice Market Review.

She said: “The intention is not to revisit the RDR. Obviously if what comes out of the [FAMR] consultation are things that mean there are aspects of that we need to look at then we will have to look at it but the starting point is not that this is revisting the RDR.”