FCA confirms ban on DFM referral payments

Carmen Reichman
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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 to advisers...

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