FT Adviser (17/01/2019) – The Financial Conduct Authority intends to survey smaller financial advice firms on the impact of regulation, with the aim of ensuring these opinions are taken into consideration.
In an update posted on its website today (January 17) the regulator advised it had instructed independent consultants Kantar Public to undertake the work over the next month.
Kantar Public will conduct in-depth interviews with a “small representative” of sample firms on the specific impacts of FCA regulation.
A spokesman for the FCA said the survey would help ensure its cost benefit analyses and judgements of proportionality take into consideration smaller firm’s circumstances.
The regulator said the initial interviews will be used to shape an online questionnaire which will be sent to a larger sample of firms in April and May, with all results to remain anonymous.
The FCA said if advisers are contacted by Kantar, it would “greatly appreciate” participation.
Alan Chan, director at IFS Wealth & Pensions, said he thinks the FCA reaching out to smaller firms is a positive step.
He said: “As with any changes in regulation, smaller firms are hit the hardest but can often be overlooked or swept under the carpet.
“Normally surveys engage with larger stakeholders in the industry and so it is good to involve smaller firms, of which there are a lot of and who feel the impact of regulation just as much as others.”
Full article link: https://www.ftadviser.com/regulation/2019/01/17/fca-to-quiz-small-advice-firms-on-regulation/
