Advice from retail investment advisers on shares, derivatives and other investment products that are not classed as retail should be included in the regular complaints reports the Financial Conduct Authority (FCA) receives from firms, the FCA has said.
In a consultation paper the FCA proposed to widen its complaints reporting proceedure to non-retail products when they have been sold by a retail investment adviser. It would then receive information from securities, derivatives, retail investment products and Friendly Society tax-exempt policies. Its exact wording will be to receive information on "complaints about matters relating to activities carried out by any one employee when acting as a retail investment adviser". The FCA said in its paper: "Adjusting the rules to refer to activities carried out when acting as a retail inve...
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