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APFA welcomes FCA decision not to proceed with advice taping


APFA has welcomed the Financial Conduct Authority’s announcement that it will not proceed with its proposals set out in its consultation paper (CP 16/29) on MiFID II implementation to impose telephone taping on Article 3 firms.

Chris Hannant, APFA’s director general, says: “I am very pleased that the FCA has listened to our concerns regarding the taping measures proposed in the consultation paper and has decided not to gold-plate the MiFID II provisions. 
“APFA worked hard with the Practitioner Panel representatives to make the case. It maybe that in future, recording calls will be more of the norm, but forcing the whole profession to adopt such practise at short notice would impose a disproportionate cost.
“I welcome the fact that the FCA has taken a proportionate and common sense approach and accepted that a written note of the call is adequate as it is for face-to-face conversations.”

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