The Financial Conduct Authority (FCA) is set to canvass smaller advice firms in a bid to find out how its regulations impacts them.
On behalf of the regulator, independent consultancy Kantar Public will conduct in-depth interviews with a small, representative sample of firms over the next month.
The initial interviews will inform the design of an online questionnaire that will be sent to a larger sample of firms in April and May.
The FCA said such a survey will help to ensure FCA cost benefit analyses and judgements of proportionality take account of smaller firms’ circumstances. Kanter Public will “fully anonymise” the results, it added.
The regulator is also carrying out the same process with other types of firms in its remit, including insurers, mortgage advisers and lenders and banks and building societies.
It comes days after the financial watchdog admitted new regulations have added to financial pressures on financial advice firms.
The FCA said in its 2019 sector views that, alongside changing fee structures and evolving and increasingly complex client needs, new regulations were adding to financial pressures on financial advice and wealth management firms
Elsewhere, the FCA’s ‘live and local’ events are still ongoing. The regulator visits areas across the UK to hold interactive workshops for representatives of regulated firms that are qualified to give advice on defined benefit (DB) transfers.
This is reproduced from Professional Adviser; all views are from the publication. This originally appeared online on 17 January 2019.