FSA accused of overlooking adviser wrap competence

clock

The ability of advisers to cope with new tools and improved functionality on wrap platforms has not been addressed properly by the FSA in its recent Platforms Feedback Statement , Rayner Spencer Mills Financial Consulting warns.

It expressed concern some advisers lack the detailed knowledge to use new portfolio planning tools in areas such as re-balancing and asset allocation and could fail to convey how they work to clients. The consultancy believes these issues were not addressed comprehensively enough in the FSA’s response on Monday to the June 2007 Platform Discussion Paper. Geoff Mills, director Rayner Spencer Mills, says: “These tools can aid the decisions on asset allocation and the process of rebalancing yet IFA firms must ensure they have the appropriately investment trained and competent staff to...

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 Your profession

Why advisers shouldn't rush into private markets

Why advisers shouldn't rush into private markets

'There's only so long the hamster wheel can keep turning'

Justin Cash
clock 15 December 2025 • 4 min read
Adviser workload set to rocket ahead of IHT on pensions changes

Adviser workload set to rocket ahead of IHT on pensions changes

Large volumes of clients will need reviews of financial plans

Isabel Baxter
clock 15 December 2025 • 3 min read
Advising silver splitters: Legal insight for older clients getting a divorce

Advising silver splitters: Legal insight for older clients getting a divorce

Why is divorce becoming more common in older clients?

Katharine Bundell
clock 15 December 2025 • 4 min read