12th November 2020

FCA Consumer Investments Market Review

In September the FCA released a 33 page consultation document grandly titled ‘The Consumer Investment Market’. 

In the advisory world and beyond there is much well-founded cynicism regarding input to consultations. This is based upon experience (think RDR) whereby the ‘outcome’ (yes that marvellous regulatory word) has already been decided by the FCA but they need to tick that box called ‘inclusivity’, thus the 36 pages.

Rory Percival told me last year that the responses to consultation papers are amazingly only around “100" or so for those of great significance, but I imagine the figure is much lower for many others, so we can assume a much lower overall average”. Yet, the FCA says there are some 5,000 Adviser firms in the UK, employing over 27,000 advisers (22k are in the Panacea community) who are not responding to these papers in the volumes they should in our opinion. 

However, this consultation paper is NOT designed to be inclusive. It is lengthy, the form doesn’t work well, in fact there seems to be no form to answer each question at all as one might expect, advisers must identify themselves (not seen as being conducive to getting those responses) and it’s is all very time consuming.

Advisers should be under no illusion; this consultation paper is a serious document with serious ‘outcome’ possibility. It deserves your attention.

Therefore, Panacea is looking to collate your answers to ensure you:

• Save time
• Can be open and frank whilst remaining anonymous
• Have your feelings heard

All we want you to do is answer JUST THOSE that you feel are important, either for your customer, the consumer, you, and your business future, in one simple freeform format.

Have no doubt, we will send this valuable input to the FCA on the 14^th December and expect them to take notice.

Act now before it is too late. Oh, and pass this message on to your industry friends and colleagues.

Thanks so much for your vital input.

Create your own user feedback survey

FSA/FCA, Regulation