Adviser support services companies have defended their unregulated status following renewed concern among advisers.
Chris Smallwood, chief executive of national IFA 2Plan Wealth Management, says the likes of SimplyBiz and threesixty should not be able to offer certain services, such as compliance, if there is no FSA oversight. Support companies say they would have "no problem" should the regulator decide to stringently monitor their work, but add it would be "unnecessary" as they operate in an advisory capacity only and exercise "no control" over distribution. IFAonline has been told the FSA has held several discussion with support companies in recent years but has each time opted not to get involved...
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