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APFA highlights need for balance between consumer and adviser responsibilities

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The Association of Professional Financial Advisers (APFA) has called for the Financial Conduct Authority (FCA) to clarify the consumer’s responsibility in making financial decisions.

In its response to the FCA’s consultation, Our future mission, APFA also urges the FCA to produce and publish clearer metrics on its performance, including using the level of FSCS levies and the number of upheld FOS cases as a measure of success and an indication of the need for the FCA to take supervisory or enforcement action.
 
Chris Hannant, APFA director general, says: “We welcome the aim of the FCA’s mission paper. It is important that the FCA is transparent and fully accountable to those firms it regulates. Firms are better able to plan and manage their business if they have a better understanding of what to expect from the regulator. It is also important to set what is expected of the consumer and for this standard to be applied by all the regulatory family.
 
“A key part of this is defining and publishing appropriate metrics on the FCA’s performance. We believe this must include figures on the level of FSCS fees and the number of cases upheld by the FOS. The FCA should use these as an indicator of whether things are going awry and to gauge their success in minimising consumer detriment. Prompter action in respect of problems with pensions would have prevented many consumers experiencing misery and reduced the cost borne by them through the soaring FSCS levies.”

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