Insistent clients: FCA's Percival flags historic poor advice examples

Carmen Reichman
clock

The Financial Conduct Authority (FCA) has highlighted shortcomings in the way some advisers have handled 'insistent' clients in the past, as examples of what today's advisers should steer clear of.

FCA technical specialist Rory Percival said the regulator had come across cases of advisers seemingly conducting business on an 'insistent client' basis to side-step its suitability requirements, and of advisers oddly working on a part-insistent client, part-advisory basis. Percival, speaking at the Retirement Planner Forum and Awards in London on 17 June, revealed some of the "very significant problems" the FCA had uncovered during a probe last year into enhanced transfer value (ETV) pension transfer advice. Percival told delegates that the issue of insistent clients has been the "ov...

To continue reading this article...

Join Professional Adviser for free

  • 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

The advice/guidance boundary review: More shades of grey?

The advice/guidance boundary review: More shades of grey?

'The feedback to the FCA is clear: rules are preferred to guidance'

Nina Cherry and Aneta Murdza
clock 09 April 2024 • 4 min read
Unauthorised director to hand investors £1.6m following FCA probe

Unauthorised director to hand investors £1.6m following FCA probe

Amount secured for investors by the FCA following High Court approval

Isabel Baxter
clock 04 April 2024 • 1 min read
Advisers sound positive note on LTA changes but flag need for support

Advisers sound positive note on LTA changes but flag need for support

The LTA will be abolished this week at the end of the tax year

Hope Coumbe
clock 02 April 2024 • 1 min read