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...
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