FSA will target slow-to-transition adviser firms

Laura Miller
clock

Advisory firms not actively preparing for the RDR will be considered investigation targets by the FSA, warns a City lawyer.

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Government launches third state pension age review

Government launches third state pension age review

Increase in state pension age from 66 to 67 is scheduled for between 2026 and 2028

Sahar Nazir
clock 22 July 2025 • 2 min read
Majority of female planners would recommend role to other women

Majority of female planners would recommend role to other women

Despite career still being considered a ‘male dominated’ sector

Isabel Baxter
clock 22 July 2025 • 4 min read
Client profiling linked to stronger due diligence and provider turnover

Client profiling linked to stronger due diligence and provider turnover

Advisers with defined client segmentation strategies more likely to assess and switch investment providers

Sahar Nazir
clock 22 July 2025 • 2 min read