FCA confirms ban on DFM referral payments

Carmen Reichman
clock

The Financial Conduct Authority (FCA) has green-lighted its proposed ban on referral payments from discretionary fund managers (DFMs) to financial advisers for top-up business from existing clients.

In its policy statement, the regulator said advisers could not receive a separate referral payment from a DFM where a client already with that DFM simply invested new money. Payments from DFMs t...

To continue reading this article...

Join Professional Adviser

 

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Sheldon Mills, FCA executive director of consumers and competition

FCA gives three-month Consumer Duty extension for advisers

Deadline of 31 July 2023

Hemma Visavadia
clock 27 July 2022 • 5 min read
A CII spokesperson said: "We are aware of an IT issue, which resulted in a couple of candidates being unable to access their CF6 Mortgage Advice exam for 15 minutes this morning."

Advisers face renewed CII exam tech issues

'Kicked out of the system'

clock 26 July 2022 • 2 min read
Image: The latest market news and analysis

Market Movers: Fed poised for another historic rate hike

Potential rate hike of 100 bps

clock 25 July 2022 • 1 min read