Advisers need respite from new regulation

The Financial Conduct Authority is walking a “tight rope” balancing between a minimum standard of compliance and promoting competition in the market but advisers must now be allowed respite from new regulation, a compliance specialist has urged.

Speaking in a video interview with FTAdviser Mark Turner, managing director of compliance and regulatory consulting at Duff & Phelps, said he would like to see the “burden” of incoming regulation slow down for advisers in the near future.

He said: “For advisers over the next one, two, three years I hope there will be a period of consolidation where they can make sure they really understand the impact of these regulations [Mifid and the Senior Managers and Certification Regime].”

Requirements under the Senior Managers and Certification Regime are already in place for banks, but once extended to the wider financial services industry in December this year, they will require bosses performing key roles to gain FCA approval before starting work, and receive a ‘statement of responsibilities’ that clearly says what they are responsible and accountable for.

For more on this story, see here.

Sourced from FT Adviser.

 

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