However Tim Morris, IFA at Russell & Co Financial Advisers argued otherwise as he said it makes sense to have one single regulatory body to oversee the whole financial service sector.
"As they say, too many chefs’ spoil the broth. One body would make it easier to hold them accountable for their actions."
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Chartered financial planner at MFP Wealth Management Justin King said it would be a welcome move if this would reduce inefficiencies.
“What we really need is regulators who are accountable for their actions or lack of them," he said.
The FCA and PSR declined to comment. The PRA had not responded at the time of publication.
sonia.rach@ft.com
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