Avelo strategy and business development director Paul Yates has spoken out over the regulator’s percieved delay of publishing its Simplified Advice guidance, declaring time was of the essence.
FSA chief executive Hector Sants assured the Treasury select committee in March that the review would be published “by the summer” if not before.
With summer passed, Yates said the industry wanted answers.
“This is another delay to a critical component, with legacy commission and platform rebates just two others that spring to mind,” said Yates. “At a time when the industry is trying desperately to deliver all the changes enforced by the regulator, albeit changes for the good, the FSA needs to clarify these rules as a priority.”
Yates agreed all recommendations or consultations needed to be properly thought through but argued the industry was now at a point where time was “of the essence”.
“Delivering simplified financial services is one of the biggest challenges the industry currently faces, but I firmly believe it will ultimately lead to a more informed consumer,” he said.
However, the FSA insists there is no delay.
"We have not said there would be a delay," a spokesperson for the regulator said. "In front of the select committee Mr Sants said we would like to publish the report by the end of summer and in written evidence we said we would present it by the end of the year. We still intend to do this."
