The Association of IFAs (Aifa) has raised concerns the Financial Services Authority (FSA) will force providers take a policing role over IFAs and cause a "competitive strain" on the market, despite denials from the regulator.
Chris Cummings, director general of Aifa, believes putting responsibility on providers for the actions of IFAs would result in advisers being subject to dual supervision and would “undermine the integrity of IFAs”. “One thing we will hear more about in the near future is the interplay between providers and IFAs. The FSA will expect providers to take on a more policing role, which we are totally opposed to.” This is not the first time the FSA has denied it has any intention of requiring providers police financial intermediaries, despite a raft of speeches and consultation papers which i...
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