A lack of regulatory guidance around insistent client handling could lead to the emergence of specialist firms who will seek to exploit retirees for a quick income, an adviser has warned.
Bradbury Hamilton managing director Sheriar Bradbury (pictured) said firms may start specialising in signing off business other advisers steered clear of unless the Financial Conduct Authority (FCA) intervenes. The weight of claims for poor advice if things subsequently go wrong will fall on the Financial Services Compensation Scheme (FSCS), paid for by advisers, he warned. Insistent client advice is when an adviser processes a transaction, such as a defined benefit (DB) to defined contribution (DC) transfer, despite advising against the switch. Handling insistent clients became a ...
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