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FCA duplicating consultations and work with adviser directory – AMI

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  • 09/10/2018
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FCA duplicating consultations and work with adviser directory – AMI
The regulator is duplicating consultation work and potentially wasting money because it is working in siloes, the Association of Mortgage Intermediaries (AMI) has said.

 

The Financial Conduct Authority (FCA) has proposed a new directory to help consumers and firms check the status and history of individuals working in financial services.

The directory will also help people search by location to find local advisers, however, a similar facility is already provided by the Money Advice Service (MAS), argued AMI.

The proposals also cut across the Mortgages Market Study, where the regulator proposed a mortgage broker comparison tool, the trade body added.

Last month Robert Sinclair, chief executive of AMI, revealed the trade body was working with the FCA on the broker database proposals.

But he believes the two projects show a disconnect and that there is a risk of a waste of resources with advisers footing the bill.

He said: “We are concerned that the FCA appears to be working in siloes both internally and distinct from organisations it’s supposed to be collaborating with.

“The memorandum of understanding between MAS and the FCA commits to ‘minimise inconsistency and duplication and to promote coordination’ by ‘working together on information aimed at consumers’.

“The FCA should have also consulted more widely before adding this function to the current register,” he added.

 

Regulatory clash

Sinclair highlighted the clash with the Mortgages Market Study work on broker choice which was published in May.

“We are asking the competition team to reconsider their plans given this directory consultation published in July.

“The new directory will show a list of all advisers, including mortgage advisers, and the information that will be displayed addresses most of the issues raised in the market study.

“Firms shouldn’t be asked to pay for two pieces of similar work running side by side.

“Our view is that the new directory should stop at the point of outlining firms’ permissions and any search facility to find an appropriate adviser should sit within the adviser directory held by MAS and its successor,” he added

Mortgage Solutions has contacted the FCA for comment.

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