Advisers must improve advice process - FSA

The FSA’s recent examination of the process by which advice on investment products is given by firms to consumers found many examples of good practice but also identified substantial failings in what it calls an “unacceptable” number of firms. It visited 50 financial advice firms and ‘mystery shopped’ a further 50 and identified the following areas as needing improvement: Training and competence: the FSA says the quality of the advice process is better in firms with robust training and competence regimes which identify and fill gaps in advisers’ knowledge and skills; Processes ...