FCA admits ‘overwhelming’ small firms with information

FCA logo glass 2 620x430

The FCA is looking at ways to make sure their communications to small firms are better focused on the areas that are relevant to them.

The regulator says it is weighing up options after its Smaller Business Practitioner Panel, an advisory group to the FCA, said the amount of information small firms were receiving from the FCA “was becoming overwhelming”.

In minutes from a recent FCA board meeting, the regulator says: “The board noted and discussed…the Smaller Business Practitioner Panel’s concern about the increasing volume of communications released by the FCA, which was becoming overwhelming for small firms.

“The board noted the executive was considering ways to help firms focus on items of particular relevance to them.”

The board minutes also note that the director of Taunton-based advice firm Keyte Chartered Financial Planners, Robin Keyte, had been reappointed as a member of the panel from 1 January until 31 December 2019.

Keyte also has a spot on the FCA’s Financial Advice Market Review expert panel, which is tasked with taking forward a number of the project’s recommendations.

The Smaller Business Practitioner Panel is chaired by Citywide Financial Partners managing director and former IFA Association director Clinton Askew.

According to the panel’s website, Askew “represents the interests of smaller IFAs on the panel” while Keyte is “representing the social investment sector.”

Separately, the FCA has convened a further working group following concerns from another advisory panel about the lack of information on the FCA register about firms that are passporting into the UK from other countries.