The FSA yesterday warned it will take a "dim view" on any adviser firm seeking to build trail business in a bid to "get around" its adviser charging proposals.
Sheila Nicoll, FSA director of conduct policy, told delegates at the annual Tax Incentivised Savings Association (TISA) conference all sales must still meet the regulator's rules on suitability. Earlier this year the FSA, in response to concerns from advisers about retrospectively applying adviser charging to legacy business, confirmed any pre-existing trail commission "can continue as before", adding "we will not require advisers firms to revisit business conducted before the [2012] deadline". But Nicoll warned: "We have heard there are some firms who might be thinking of taking the ...
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