Advisers have welcomed the Financial Conduct Authority's (FCA) first crack-down on an advisory firm which had permissions to advise but no actual qualified advisers, although they say the regulator should have acted sooner.
Panacea Adviser chief executive Derek Bradley said the FCA's announcement that it had removed the advisory permissions of Catalyst Fund Management was welcome but he was surprised it had taken the regulator so long to act. He suggested that the apparent reluctance of the regulator to strike sooner signaled that the FCA was not as "draconian" as it had led the industry believe. Firms have been required to abide by Retail Distribution Review (RDR) rules when giving financial advice since the beginning of the year. This includes all advisers being qualified to QCF Level 4. None of the...
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