APFA: advisers not prepared for new capital rules

Research carried out by NMG Consulting on behalf of APFA showed that marginally more than half of advisers currently hold the minimum capital required by new rules that take effect in six months' time. The research also found that firms were concerned about meeting this year's requirements. APFA said the vast majority (88%) of firms were aware of the rule change but only half (51%) of these thought the rules were clear. New rules will introduce a minimum capital requirement for advisers of £15,000 or a four weeks expenditure-based requirement (EBR) by the end of 2013 and £20,000 or...