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FCA hires former IA boss Godfrey in policy role

FCA hires former IA boss Godfrey in policy role

The FCA has hired former Investment Association (IA) chief Daniel Godfrey to assist with policymaking.

The appointment of Mr Godfrey, who is working with the City watchdog on a short-term contract, follows his controversial departure from the IA last year.

Mr Godfrey said he would be available to “be consulted and to give advice” in his work with the FCA.

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Mr Godfrey left the IA in October 2015 after failing to gain the backing of his board, following the news that Schroders and M&G had planned to let their memberships lapse at the end of the year – with others potentially following suit.

Both fund houses have since extended their memberships on a six-month basis.

Elements of Mr Godfrey’s tenure at the trade body which riled asset managers included the introduction of a 10-point statement of principles last August.

This initiative failed to attract a number of signatories, among them Schroders and M&G, and was pushed back indefinitely upon Mr Godfrey’s departure.

The latest appointment comes as the FCA works on its asset management market study, which will look into anti-competitive practices in the industry among other issues.

Earlier this month it emerged the regulator could push back the publication of its interim findings to the fourth quarter of 2016, though a spokesperson said publication was still intended by “late summer”.

Adviser view

Paul Holiday, a financial adviser with Norwich-based GreenSky Wealth, said: “It is always good to get an outside perspective and I guess that by working with the FCA he will have more clout and success than he had before.”