The Financial Services Authority (FSA) is urging firms to make sure they have the appropriate controls in place to ensure advisers moving to relationship management or paraplanner roles do not step outside of their regulatory boundaries.
In its latest newsletter on the Retail Distribution Review (RDR), it noted that a number of advisers are expected to move into non-regulated roles - such as paraplanners or introducers - rather than obtaining the appropriate qualifications required to continue giving advice. However, it reminded them that, even if their job title changes, the FSA will judge them on the activities they undertake, meaning they will still need to comply with the RDR requirements if they provide advice. "We know that some advisers are planning to continue their client contact through some sort of relation...
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