A former IFA leading a campaign to rebuild consumer trust in financial services has called on the incoming Financial Conduct Authority (FCA) to publicly back its agenda.
James Dickens, consultant and director of JD Consulting UK, said the Question of Trust campaign, which launched in February, aims to address what he believes is a "major threat to the financial wellbeing of millions" - a lack of trust.
The campaign, which has proposed a set of protocols for the industry to follow to re-establish faith in the industry, has the backing of the Institute of Financial Planning (IFP) among other organisations, but Dickens said its success may depend on the involvement of the regulator.
The Financial Services Authority (FSA) is set to be split into the FCA and Prudential Regulatory Authority next year.
"We believe this can't be an insular engagement piece," Dickens said. "It has to be, first of all, led by the FCA in its new set-up and with its new strategic direction and mandate. We believe it needs to lead on this.
"What we would very much like to see is the FCA on board and picking up part of our agenda. And if they want to own that agenda, they're welcome to, because this is what we believe is the right thing to do."
The protocols proposed by the campaign include developing a methodology for building trust, and then measuring and reporting on its impact.
The campaign was founded by Shane Mullins, of Fiscal Engineers, and is being supported by Nick Cann, chief executive of the IFP, Christine Ennew, pro vice chancellor at the University of Nottingham, Keith Tondeur, president of Credit Action, Scott White, head of media at the Royal London Group, Neil Riley an MBA student at Nottingham University, and Ricki Lee Cole, an MBA student at the University of Nottingham.
Co-produced with PFS
72% of people do not want pay for financial advice
Applied to whole of UK
Starts beginning of November