Financial services regulation is on the cusp of change, with confluent reviews, campaigns and discussions centring on how the UK financial industry is regulated and how compensation is funded.
As reported on page one of this week's issue, the Financial Conduct Authority's call for input on the consumer investments market has opened up a wider discussion about whether there is a need for a new Financial Advice Market Review.
FAMR 2 - as proposed by the Personal Finance Society and others - would include a wider scope of regulation than the original one did, and could help to repair a number of problems, such as the rising costs of professional indemnity insurance, the issue of legacy liabilities sitting within the Financial Services Compensation Scheme, and the way in which regulation is funded by the industry.
On page five of this week's issue, Pimfa reminded us the Treasury's wide-ranging review into UK financial services regulation is set to continue, with the second stage of the review expected imminently.
Speaking to Financial Adviser in a podcast on How to Fix the Issue of Fees, Tim Fassam, director of government relations and policy for the trade body, said although the Treasury's review might seem "technical", it will incorporate aspects such as the checks and balances on the regulator, and how the FCA interacts with the Treasury.
With all the continued campaigns pressing the Treasury and the Treasury Select Committee to review matters such as the ever-rising regulatory levy, as well as calls for reviews to fix what Mr Fassam called a "broken system" of regulation, the impetus is surely there for positive change.
Also in Financial Adviser, we report on the wider issues of the PI market, the opportunities for paraplanners and how the industry has reacted to the Winter Economy Plan.
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Until next week, take care
Simoney Kyriakou, editor