The FCA implemented ineffective regulatory interventions in its initial response to the BSPS case. For example, the FCA issued letters to advice firms reminding them of their obligations to provide advice that is in consumers’ best interests, showing its naivety in failing to understand the behaviour and motivations of unscrupulous advisers.33 Similarly, as part of its suitability assessments the FCA allowed 44 firms to withdraw from the market voluntarily, rather than taking enforcement action.34 In doing so, the FCA has failed to distinguish between rogue advisers who targeted BSPS members and isolated instances of bad advice.35