“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.”
Perhaps more surprising was technical specialist Rory Percival’s comment that the industry should “thank God” for the Retail Distribution Review, as without it, the pension freedoms would have been a lot messier.
“The RDR, and the increasing professionalism of the advice community, has meant, in my personal opinion, the advisory community is in a much better position to get the right outcomes for consumers in the new pension freedoms world. It was very fortunate that it worked that way round.”
Finally, the acting chief executive Tracey McDermott told the City Banquet last night that the regulator and industry must break the “regulate, de-regulate, repeat” cycle.
“If we look at the history of regulation we see an unloved model,” she told the Lord Mayor and his guests, describing it as often coming in “bursts of activity after crisis or scandal, followed by periods where regulation is less visible and less intense”.
4. Less disclosure on the horizon.
Meanwhile, the FCA put out a paper proposing the amendment or deletion of several communication and disclosure documents deemed to have become surplus to requirements.
You’ve got until 18 December to tell them if you really want to keep things like the Services and Costs Disclosure Document or Short Reports, with final rules and a policy statement due in early 2016.
All in all, the regulator is looking to chop six different existing pieces of paperwork, many of which industry feedback has shown to be unnecessary. Most of them were enacted over a decade ago by the Financial Services Authority, but fair play to the current administration for admitting where customer communications can be improved by a ‘less is more’ mantra.
5. SJP attempts to clear up pricing.
And finally, proof that anything we write about St James’s Place gets our readers going, as a piece on Monday sought to set the record straight on its pricing structure in the face of criticism around cross-subsidisation.
Clearly, the conspiracy theories will continue for a long while yet...