The regulator may make changes to the approved persons system amid concerns the new 'certification regime' for bank advisers is weaker than for other financial advisers.
Under new rules for banks, published by the Financial Conduct Authority (FCA) in conjunction with the Prudential Regulation Authority, investment advisers working in banks will be subject to a new conduct regime, but not to pre-approval by the FCA. Those working as stand-alone financial advisers will continue to be pre-approved by the FCA and must work under strict rules introduced by the Retail Distribution Review (RDR). The FCA said it "acknowledged the potential for regulatory inconsistency between advisers operating within the new regime and those who are employed by firms outside...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
