IFA calls on FCA to crack down on unqualified advisers

Carmen Reichman
clock

An IFA has accused the Financial Conduct Authority (FCA) of not staying on top of its policing mandate and has called for a greater crack-down on advisers that are violating its rules.

Barretts Financial Solutions managing director Kim Barrett (pictured) called on the regulator to step up its game after hearing of advisory firms being sold because the advisers were not qualified to practice. One year after the implementation of the Retail Distribution Review (RDR), which introduced mandatory QCF LEvel 4 minimum qualifications for advisers, Barrett said this was "disgusting". Worried that advisers might have been practising unqualified after January last year, he said the FCA should have acted sooner to pressure advisers to abide by its rules. Barrett said: "Judgi...

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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Trade bodies call for chancellor to stop FCA public enforcement

Trade bodies call for chancellor to stop FCA public enforcement

‘Proposals to publicise investigations are a worrying development’

Isabel Baxter
clock 29 April 2024 • 2 min read
SDR extension plans will ensure 'uniform standard' for portfolios

SDR extension plans will ensure 'uniform standard' for portfolios

'Retail-focused firms are also facing a short timeline to prepare'

Cristian Angeloni
clock 24 April 2024 • 4 min read
FCA proposes advisers and platforms 'must' communicate SDR labels

FCA proposes advisers and platforms 'must' communicate SDR labels

Distributors also must provide access to consumer-facing disclosures

Isabel Baxter
clock 23 April 2024 • 1 min read