Firms will be obliged to inform the FSA if any of their advisers fall below its competence or ethical standards from July, as the regulator also confirms all retail investment intermediaries must carry a Statement of Professional Standing (SPS).
The rule was originally due to be introduced this month but the FSA says the weight of responses it received on the issue has prompted its decision to back-date it. It is part of the FSA's Policy Statement on professionalism, out this morning. The regulator has also confirmed retail investment advisers will need to hold a Statement of Professional Standing (SPS) if they want to give independent or restricted advice after January 2013. The statement will provide customers with evidence that the adviser subscribes to a code of ethics, is qualified, and has kept their knowledge up to ...
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