Most IFAs meeting independence rules, finds FCA

Of 90 firms that claimed independence, a total of eight did not not wholly meet the Financial Conduct Authority's (FCA) requirements, it found. These businesses have been told to either operate as restricted advice propositions, or make changes - in some cases very few - to keep their IFA label. The FCA said the firms' breaches did not merit enforcement action. The study represented the second part of an FCA investigation into firms' compliance with changes brought about following the RDR. The regulator said it uncovered only minor problems with ‘independent' and ‘restricted' co...