Financial Planners are failing to be “client-centric” and could fall foul of FCA rules, according to compliance consultant and former FCA exec Rory Percival.

Speaking at a stream session at the CISI Financial Planning Conference, in Birmingham, this afternoon, Mr Percival said firms called fall foul of FCA PROD rules.

He told delegates: “I’ve been in the business for 30 years and I’ve never met a single firm that is, across the board, client-centric, but I know you’re the good guys and the best planners, IFAs, etc.

“I know that you’re the best in the sector but I don’t think you’re entirely in the right place in this sector.”

He pointed to “overlong” suitability reports and claimed “simple clients are cross-subsidising the complex customers”.

Mr Percival said what he called “price clustering” could lead the FCA to find the profession was “not a competitive market” and said there should be a focus of what he called TCF (treating customers fairly).

In order to rectify the problems he identified he said planners need to review their client bank and “segment where necessary”.

He also said firms should be aware of “different kinds of clients and treat them as outliers”.

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