APFA calls on FCA to tighten rules around unregulated investments

'Current system not working'

The Association of Professional Financial Advisers (APFA) has called on the Financial Conduct Authority (FCA) to tighten the rules around unregulated investments to protect consumers.

The representative body said more needed to be done to prevent consumer losses, especially where there is evidence of a systemic cause. Using pensions as an example, it said retail investors were being sold "inappropriate unregulated investments" held within both SIPP and SASS products. "The FCA needs to do more as the current system is not working," said APFA director general Chris Hannant (pictured). "A more thorough exploration of the options is needed, with a tightening of the regulatory framework. Scammers are exploiting grey areas in the system to the detriment of consumers. "C...