Evidence of advisory firms and providers avoiding their obligations following the Retail Distribution Review (RDR) is harming the ongoing campaign to rebuild public trust in financial services, according to the Financial Services Consumer Panel (FSCP).
FSCP chairperson Sue Lewis said examples of firms failing to present charges clearly were, among other shortcomings, feeding consumers' mistrust. Two thematic reviews by the Financial Conduct Authority (FCA) into firms' implementation of a new set of rules following the RDR - the first in July 2013; the second in March this year - suggest some firms are not communicating clearly with customers. Though the regulator declared many firms had "made a lot of progress" and that it was broadly pleased with its findings, it said some advisory businesses were not presenting their charges clear...
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