15th December 2020

Panacea's input: FCA Consumer Investments Market review

Firstly, I would like to thank all those who gave up their time, in one case some 5 hours to fully complete the survey. Their thoughts and suggestions, all 314 of them were sent to the FCA on Monday 14^th December. 

In the advisory world and beyond there is, sadly, much historically based cynicism regarding input to consultations. The ‘outcome, in very many adviser’s eyes, has been seen as already having been decided by the FCA.  

This consultation paper was lengthy, the form doesn’t work well, advisers must identify themselves (not seen as being conducive to getting those open and honest responses) and it’s is all very time consuming. 

Because of the reasons above and that advisers sometimes feel that they cannot engage with FCA consultations as they worry about anonymity, we wanted to assist with getting many different viewpoints.  It is important that advisers have their voices heard and we feel that it is important to the FCA that they receive your feedback. 

We have made advisers aware they should be under no illusion; this consultation paper is a serious document with serious ‘outcome’ possibility. It deserves their attention.

Therefore, Panacea has collated answers from all the advisers who contributed to your survey, answering only those questions they wanted to, via our community resource.

As I mentioned above, very many hours of input has gone into completing this survey by the advisers taking part, so I would hope this has some value to the FCA and that it will help shape better outcomes for consumers and those that advise them? It is a riveting read!

You can download a copy via this link, in the meantime let’s wait to see if anyone reads and learns

Panacea Surveys, Panacea Comment