A former chairman of the Association of Member Directed Pension Schemes has called for more plain speaking from the FCA – as the regulator reached its first anniversary.
Andrew Roberts, Partner at Barnett Waddingham LLP, was AMPS chairman for the first six months after the FCA came into being last April.
Asked what his biggest bugbear was with the regulator so far, he said: "There still seem to be coded messages about what is expected of Sipp operators, when more plain talking could get the message across more quickly.
"This has to be coupled with support for an industry that generally has helped people engage more with their pensions.
"I rarely see any messages of support for the good work that Financial Planners do for clients and the value that they can add to the saving or retirement process.
"There is too much emphasis on "free information" as though that is a better way of getting consumers the right outcome."
However, he was generally pleased with the FCA's approach during the time he worked alongside them.
He said: "My impression is that the FCA were making the right noises in the first half of the year about wanting to engage more closely with the industry both to understand the way the industry operates more and to improve consumer outcomes by having more open conversations.
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"It's hard to know how this has progressed, but there appears to be a more thought out process for implementing the new capital adequacy which is a good sign.
"The FCA also seems to be working with SIPP operators to iron out difficulties rather than closing them down, which is my preferred approach for minimising consumer detriment."
Paraplanner Alan Gow, owner of Argonaut Paraplanning, said the FCA appeared to be listening more than its predecessor the FSA and the early indications were good – but believes they could go further.
Asked about his concerns with the regulator so far, he said: "Some of the changes announced so far could prove to be counterproductive.
"I'm not sure their decision to enforce the use of inflation adjusted illustrations will really help investors.
"Different ways of calculating the figures will make it harder for advisers and Paraplanners to draw reasonable comparisons between firms.
"I would prefer to see the FCA focus on the quality of data produced by providers, which is often incorrect. Consistent and accurate data is the key and I would like to see more action from the regulator in this area."