Nearly three quarters of firms are still failing to show clients the true cost of advice, the regulator has found in what it calls a "wake-up call" for the industry which has already put two firms at risk of enforcement action.
Too many advisory firms are not being clear with consumers on how much advice costs, the type of service they offer - whether it is restricted and the nature of the restriction - and what on-going services they provide, the Financial Conduct Authority (FCA) said. It is likely two firms with "egregious failings" will be referred to the FCA's Enforcement and Financial Crime Division, the regulator said. This includes one financial advisory firm and one wealth management firm. The results are part of the regulator's second review into the implementation of the Retail Distribution Review ...
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