Small IFA firms ignoring compliance advice - FSA

The financial regulator, which conducted a study recently to see how compliance officers were being used by advisory firms, found a number of businesses were still failing to meet requirements despite having such staff on board. The survey, which questioned 22 IFA firms who employed consultants, revealed nearly half had significant weakness in respect of regulatory requirements while a third were not acting on recommendations from their consultants that would have improved their regulatory position. Jonathan Fischel, head of investment in the small firms division of the FSA, said: “Firms ...