The FSA will visit small IFA firms as a deterrent to anti-treating customers fairly (TCF) behaviour.
The regulator will select a representative sample of firms at the start of next year and hopes to eventually interview all small IFA businesses on their application of TCF. It will choose about a quarter of small firms, perhaps by region, and conduct telephone interviews or short visits before selecting firms for further investigation if the interviews raise concerns. The body will speak to senior management and staff in its extended visits and focus on the business’s systems, controls and files. FSA membership fees will cover the cost of the interviews and firms will then be given feed...
To continue reading this article...
Join Professional Adviser for free
- 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