FCA's Percival: More guidance is not the answer

The Financial Conduct Authority (FCA) is reluctant to provide further guidance on key advisory issues on which it has already offered direction, suggesting it would not be helpful.

FCA technical director Rory Percival (pictured) said the regulator is often asked to give extra guidance as firms look for "regulatory certainty", but doesn't think being "prescriptive" is the right approach. Previous attempts to provide detailed guidance, such as on charges disclosure, showed some unsatisfactory results, he added. Percival was speaking this week at the annual conference of the Centre for the Public Understanding of Finance. He said: "Every event I speak at I get asked as a regulator for more guidance. "[But] Martin Wheatley has said that, actually, this is not ...