Association of Medical Insurers & Intermediaries (AMII) Executive Chairman, Stuart Scullion has described the FCA's decision to remove non-senior managers from the FCA Register as a "retrograde step".
Stuart added: "Many consumers, particularly the elderly or those considered to be vulnerable customers, are concerned they may be duped by unscrupulous individuals attempting to take advantage of them. The ability for an advising firm to refer them to the FCA Register to confirm the status and credentials of an adviser has been beneficial for consumers. The FCA should have been able to see how that has been a positive factor in building consumer confidence in the Financial Services sector, something which has been sadly bereft.
AMII is committed to Members & advisers operating within its Code of Conduct & Ethics. It also supports the raising of professional standards by formal qualification.”