Financial Conduct Authority  

FCA told to publish reports about advice unit

He said: "Where firms have met the entry criteria to receive feedback from the advice unit they have to explain their proposition as part of that entry criteria and personally I would be unhappy about the regulator providing information about my proposition, anonymised or not.

"Now, some of the criteria as per my understanding is around genuine customer benefit or where it has the potential to deliver a lower cost of advice, this is where I somewhat agree with the calls to provide information and help the industry better protect the consumer.

"I must though come back to the proposition element, if I was developing an automated proposition, I would not be happy with the regulator sharing any information and I would disagree that the unit is skewing the competition unfairly as any firm could have chosen to sign up to the advice unit and benefited from regulatory feedback."

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