In his Mansion House speech of 2014, Martin Wheatley, the then CEO of the FCA stated that future regulation would place far more emphasis on good judgement rather than compliance with a narrow set of rules. The ‘ethic of care’, doing what is right, would take precedence over the ‘ethic of obedience’, doing what is allowed. As far as we can see, this has been followed and the regulator should be applauded for doing so. The policy ties in with the Haven mantra ‘Customer Outcomes are Paramount’. If there is an issue with compliance, look at things from the customers’ point of view and work back. If what you do leads to a better customer outcome you are unlikely to offend the regulator. Just remember to record your thought processes. One regulatory dictum has not changed in 30 years. ‘If it is not written down, it never happened’!
The above is the lead article in our latest monthly News Notes – July 2018. Other topics in this edition include:
- Phoenixing
- Gender Madness
- Financial Guidance Body
- Where Regulation Stifles Advice
Haven Risk Management : FCA Compliance Consultants