FSA will target slow-to-transition adviser firms

Simon Morris, partner at CMS Cameron McKenna, says the regulator is linking advisers’ efforts to transition to a fee-based model to the risk of customers not being treated fairly. Firms whose current practices will be banned post-2012 are being seen by the FSA as “flawed” and likely to pose a greater risk to customers, Morris told delegates at this month’s Personal Finance Society (PFS) conference. In an RDR consultation paper last year, the FSA said it was considering providing ‘staging posts’ for firms to indicate how much progress they have made in the transition to be RDR-complian...