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If the FCA did its job properly it would realise it is the prime instigator of so many problems within the industry. Its rules are vague to the point of being all too often unclear and no one is prepared to make any amends to the status quo.
The fact that if you don't get a clear response you should consult your legal adviser. The FCA should be ashamed that it continues to spew out endless regulations ad infinitum regardless of the fact it is not removing inappropriate rules or adopting the 'plain English' approach as recommended by the government.
People will always look to circumvent regulations but it doesn't help criticising if you don't offer a better way forward.

EU regulations are excessive but it is the UK that is gold plating every time and, by doing so, pretending regulation is better in the UK than say in Germany. If we are all working off the same hymn sheet that can't be the case

There needs to be an external audit of the practises of the FCA. As well there needs to be a cost benefit into the amount of regulation and the value generated by it.

Not in the form of penalties, but in whether it is capable of delivering, regulation in a format that is easy to understand with sufficient warning about the consequences of failure to adopt.