The FSA today said individuals making personal recommendations to retail clients via a simplified advice process must be qualified to the same minimum standard as those providing full advice.
Some stakeholders had called for a lower requirement for those carrying out this function, but the FSA has ruled it out in final guidance on simplified advice, published today. Elsewhere, the regulator has confirmed the complaints procedure for full advice also applies to simplified advice, and said its rules for assessing suitability are also unchanged. The adviser charging rules as outlined following the Retail Distribution Review also apply unaltered. Today's guidance relates to investment advice delivered to retail clients. The FSA said the term 'simplified advice', though n...
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