Advisers raise caveat emptor concerns after FSA ToB rulings

AP Financial Services and chartered financial planners Beacon Financial agreed to redraft a commission clawback clause in their standard terms of business (ToB) letters after clients complained. It was the third time in 12 months the FSA has written to financial advisers over UCTs. It intervened in January last year following ToB letters IFA network The On-Line Partnership, now trading as IN Partnership, had as standard across its 220-firm adviser base. In that case, it recommended the company change a ToB term that read ‘I confirm that I have received, read and understood th...