[The Wrap] What's the point of the FADC?

Actually getting to a hearing was a mission in itself with the case been rescheduled a number of times in the lead up. Good Returns' experience with the registry, which is run by the Financial Markets Authority lead to an official complaint being made.

The FADC is a quasi-judicial body, established in December 2010, but certainly hasn't been run with the degree of professionalism required.

I've commented before about the huge amount of resources thrown at policing the financial adviser community, and the results. Very few cases have gone to hearing since the FADC was established and the recent ones have been of, arguably, minor significance.

In the decade it has been running FADC has had nine cases, including David Ross, at the moment it is more than a year between events.