With new regulation bedding in and an expectation of increased market regulation, Aston said he the FCA must improve its communication.
He said: “There is not enough clarity when it comes to regulation. When we speak to the FCA the answers we are given are usually more complicated than the original rules.”
Aston was speaking as a member of a panel debating regulation at the NACFB annual Expo in Birmingham.
Barclays Johanna Lloyd, also a member of the panel, warned delegates that they must brace themselves for further regulation.
She said: “Licensing is just the first step of the journey. Brokers must be prepared to demonstrate that they follow the rules. That even extends to exempt products.
“It’s not just about knowing you are doing it but also being able to prove it to the FCA.”
