The FSA may have underestimated the extent of the problems facing the financial advice industry, according to new research on compliance standards.
A study by compliance support firm Management Services 2000 (MS2M) found the areas in which some firms are failing to meet the FSA’s standards are different to those the regulator warned firms to focus on. Issues including the mis-selling of payment protection insurance and mortgages, as well as concepts including treating customers fairly (TCF), have been at the forefront of an FSA campaign to drive up standards in the market. But Julie Alderson, sales director at the compliance support firm, says although the FSA is bidding to revamp the industry via the Retail Distribution Review (RDR)...
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