The FCA's five key tests for investment advice

The FCA's five key tests for investment advice

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The Financial Conduct Authority (FCA) has outlined its five key tests for investment advice as part of a guidance consultation examining the boundaries between different advice models.

The guidance, published on Friday, seeks to clarify the regulatory framework in respect of different types of investment sales models, and provide examples on whether they amount to personal recommendations or not. As part of its work, it has outlined what it believes are the five key tests for investment advice. If the answer is yes at each stage, it constitutes investment advice...

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