Industry backs FSA bid to up scrutiny of individual IFAs

In its latest RDR paper on professionalism, the FSA says it will collect more data on advisers in an effort to "build a profile" of individuals over time and better protect consumers. This may involve collecting data on an individual adviser's transactional activity, either through product sales data (PSD) returns supplied by providers or via information supplied by firms. It may be necessary, it says, for firms to supply providers with advisers' individual reference numbers (IRNs) so they can be paired up with the PSD returns. "Adding the advisers IRN to these returns would allow ...