Rory Percival, FCA technical specialist, has encouraged professionals to use a new adviser feedback service. This feeds into a wider plan for better communicating with the sector, he explained.
Mr Percival, a former Financial Planner, said improving communication has become an important aim for the FCA.
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Addressing Paraplanners at the third national Paraplanners Powwow in Northamptonshire yesterday afternoon, he said: “A lot of myths have built up over time about the regulator’s expectations. I think a lot of what we expect firms to do is a lot simpler than has been portrayed.
“We are thinking about how we communicate with the adviser community a lot more. This (appearance at the event) is not an ad hoc thing, it’s part of a wider plan.”
He encouraged planners to use the adviser feedback email address to put topical questions and queries to officials, which can then lead to the FCA publishing further information and guidance on whichever subject is raised.
He said: “If you email that you wouldn’t get an answer (directly). It’s not there to answer individual questions but to highlight issues. The idea is that we pick up a flavour of what’s going on with the market.”
A recent example of how this system works is that it prompted officials to release a factsheet about insistent clients, after many in the profession raised the topic.
He added that the regulator would be making an announcement next week on the subject of communication.