The Chair of the Treasury Select Committee, Andrew Tyrie echoed the views of many IFA’s when he is reported to have said "anybody who works in a bank or regulated firm will tell you that these guys come in (the FCA) and demand heaps of material.
God knows what they do with it, it costs a packet and the client cost is huge but what is the point in it all? They need to be looking at where the risks really lie each time they come in to examine that firm".
Disciplinary and Regulatory Defence Lawyer Craig McAdam says that in responding to questions by Money Marketing at a fringe event at the conservative conference this week, he stated that the FCA "should be looking at the big picture and trying to identify where the really big risks lie rather than spending their time on pointless detail. They have to keep out of mindless data collection and box ticking".
These comments come on the back of a review into the "RDR hangover" following an exodus of financial institutions in their advice offerings. Tyrie went on to say that it is too early to assess the damage from the new rules which came into force on December 31st.
To compound the advice gap caused by RDR it was reported today that the FCA are now taking on average 25.8 weeks to authorise financial services start-ups which is almost twice as long as it took in 2008.