The Financial Conduct Authority (FCA) has found "unacceptable" failings concerning advisers' disclosure of their fees and status and is planning to turn up the heat on firms to get it right. But what do advisers think is going wrong?
The regulator already has two enforcement actions in the pipeline - one involving an advice firm, the other a wealth manager - and plans to crack down hard on more firms if it doesn't see improvements by the end of the summer, when it plans to probe firms again. The failings uncovered on this occasion were "identical to what we identified last summer" - despite a raft of explanatory documents being sent out since then - said a "disappointed" FCA director of supervision Clive Adamson. The regulator found 73% of firms failed to show their clients the true cost of advice. They failed...
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