Hannant said:
"We believe there is a fundamental mismatch between a government that says it wants advisers to step up to the plate and help consumers navigate increasingly complex personal finances, and regulatory bodies which are unable to control their budgets, are seemingly unaccountable and continue to inundate advisers with ill thought-out, constantly changing regulation."
APFA outlined its previous achievements, including a saving of £3m a year for advisers on the pensions guidance levy; no cap on adviser charges in EU PRIIPs regulation; a saving of £3m a year in MAS fees for advisers; and an FCA review of the liability long-stop.
However, there remain several areas where government, Parliament and the regulators must help, according to the Association.
APFA's priorities for the next Parliamentary year will be:
- Pushing for a change to the FSCS levies;
- Seeking better regulation from the FCA;
- Challenging FOS on its decision-making;
- Campaigning for a liability long-stop;
- Placing advice at the heart of the pension reforms
Hannant concluded:
"Access to financial advice needs to be placed at the heart of government policymaking over the next Parliament if people are to be able to plan for a stable financial future. This letter is the first of a series that APFA will be producing to outline our achievements on specific campaigns as well as releasing details of our policy agenda."
