Advisers are being warned they may come under scrutiny for using asset allocation tools linked to a single provider ahead of regulatory reviews next year.
The Financial Services Authority (FSA) has recently written to small firms informing them of the reviews, which will be carried out in 2012. Although it has not specified which areas will be covered, it will follow a series of workshops looking at business models, risks to customers and prudential regulation. Matt Timmins, managing director of services provider Simplybiz, said he believed the FSA's visits will be "primarily about suitability of advice" and said advisers using tools packaged with platforms could be particularly vulnerable. He said: "The FSA has stated quite regularl...
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