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16 April 2014

The Association of Professional Financial Advisers (APFA) has responded to the Department of Business, Innovation and Skills’ consultation on Small Business Appeals Champions and Non-economic Regulators.

 

Chris Hannant, Director General at APFA, said:

“We support the creation of a small business appeals champion, as too often small firms are put off questioning regulators because of the time and expense involved. This proposal should mean more small firms can get a proper hearing, which is a good thing.

 

“However, we think the appeals champion could and should be expanded to include ombudsmen as well as regulators. If you look at our sector, this proposal would apply to the FCA but not to FOS. FOS has the power to order firms to pay out as much as £150,000 in redress, which is a significant amount for smaller companies. And the difficulties smaller firms might encounter when trying to challenge a regulator’s decision can also occur when challenging an ombudsman.

 

“If this new appeals champion is to genuinely empower small firms’ ability to appeal, ombudsmen should fall under their remit as well as regulators.”

 

To read APFA’s full response please go to http://www.apfa.net/policy/responses/APFA-response-BIS-consultation-small-business-appeals-champions-april-2014.pdf

 

 

ENDS

 

For further information please contact:

Tom Yazdi / Jo Nussbaum / Keith Brookbank

Linstock Communications

020 7089 2080                                              

 

Notes to Editors

The Association of Professional Financial Advisers (APFA) is the representative body for the financial adviser profession. Over 50% of the population rank financial advisers as one of their top three most trusted sources of advice about money matters. As such, financial advisers represent a leading force in the maintenance of a competitive and dynamic retail financial services market.