Pimfa accuses FCA of ‘naivety’ as industry tells chancellor to stop enforcement overhaul

Advice and wealth management trade body Pimfa has accused the FCA of ‘naivety’ in its attempts to name firms facing investigations. 

Pimfa is one of many trade bodies, including the Investment Association and UK Finance, to sign a letter sent to the chancellor arguing against the plans put forward in February. 

The letter cited concerns about damage to the competitiveness of the UK’s financial services market, the harm to firms named when the investigation is dropped without enforcement action, and the risk of undermining trust in the regulator if many investigations are dropped.