Another day, another FSA paper...
Tuesday 10 May saw the FSA publish further details on how it plan to collect (and use) data from adviser firms from 1 January 2013.
Most significantly, it proposes firms break down their revenue from adviser charging in RMAR forms to include how clients paid for the firms' services.
The move will help the regulator work out the average adviser charge and, ultimately, to spot any pricing anomalies which may hint at poor practice.
However, FSA head of investments policy Peter Smith said the FSA would not use the data it collects to effectively control how much firms charge their clients. He also denied the move would place an unnecessary administrative burden on firms.
Meanwhile, the same FSA consultation proposes firms report the complaints records of their individual advisers throughout the year from 2013.
The regulator wants advisers' individual reference numbers to sit alongside details including number and type of complaint, plus any redress paid.
It wants to "build a picture" of individuals who may be harming consumers through their actions.
Advisers fear the FSA could build up a skewed picture of individuals as complaints are often unjustified, but the regulator has promised only to investigate those cases where it feels there is real cause for concern.
AIFA says the FSA's proposals come "alarmingly close" to economic regulation.
Elsewhere, advisers could face lower FOS fees next year as banks begin shouldering the cost of handling payment protection insurance (PPI) complaints against them, the ombudsman said.
In other news, Standard Life announced it would no longer offer face-to-face advice to customers using its private client service.
In a move which could see up to 36 jobs go at the company, Standard Life said it would instead provide advice services over the phone and via the Internet.
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000
Two roles created