FCA outlines the four steps for compliant advice

Carmen Reichman
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The Financial Conduct Authority (FCA) is not prescriptive about how firms deliver their services because it knows advice can be given in an "infinite variety of ways" - but it has communicated four steps firms should follow to satisfy its requirements.

Technical specialist Rory Percival told delegates at a Defaqto investment outsourcing conference that the regulator was fairly loose on how advisers should go about their advice processes, as long as outcomes were in the clients' best interests. Speaking at the event in London on Tuesday, Percival said: "We are not prescriptive generally. We are quite prescriptive in some rules like disclosure rules but, in terms of the advice process, we are very non-prescriptive. "I think it's right that should be the case because you will be aware of the infinite variety of ways that advice can be ...

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