More work needed on 'adviser transparency' - FCA chief

Carmen Reichman

The Financial Conduct Authority (FCA) is still concerned about transparency in the advice space, especially in relation to charging and independence, chief executive Martin Wheatley has said.

He said the regulator had received consumer reports on the two issues that were 'a concern'. Wheatley added although the FCA considered transparency to be in "net positive territory" as a result of the Retail Distribution Review, the watchdog would need to do more work on the issue. Wheatley said: "We've achieved quite a lot so there is now a visible and explicit payment upfront rather than something that's hidden in the cost of your investment. "I'm not sure [adviser charging] is quite as transparent as we would have wanted it to be. "Some consumer reports we get are still a co...

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