The Association of Professional Financial Advisers has called for the Financial Conduct Authority (FCA) to take a ‘common sense' approach to telephone recording.
APFA calls on the FCA to not fold plate the implementation of telephone recording requirements for advice as "market abuse is irrelevant and the suitability report provides more than adequate records of advisers' recommendations"
The call was made in its response to the FCA's discussion paper of MiFID II, which aims to counter market abuse and provide a record for consumers.
MiFID II also introduces a new standard of "independent" advise which requires firms to assess a "sufficient range" of products rather than the current "comprehensive and fair analysis".
Chris Hannant, director general of APFA, said: "The FCA has to make a choice. It can either gold plate the Directive or it can pursue a common sense approach to help firms at no risk to consumers."
Hannant added: "There should only be one standard of independence. We support MiFID II's standard as it better reflects the guidance the FCA has issued and the standard it seems to expect."
Further Reading:
APFA prioritises FCA budget freeze and longstop
Advisers could be caught in MiFID II 'appropriateness' testing
