Wheatley: No prospect of 'regulatory dividend' for advisers

The prospect of a 'regulatory dividend' for advisory firms - proposed by the Association of Professional Financial Advisers (APFA) - has been all but ruled out by the Financial Conduct Authority (FCA).

Such a move would be seen as giving some firms "an easier ride", FCA chief executive Martin Wheatley said on Thursday. Speaking at the regulator's annual public meeting in London, he said the idea advisory firms should pay less in regulatory fees and be subject to softer supervision because they have improved their professionalism and therefore pose less risk of a risk to the wider industry, is not something the FCA can consider. In fact, the regulator has "banned [the phrase 'regulatory dividend'] from our lexicon", Wheatley said. Last year, APFA drew up a list of concessions for ...