FCA revisits approved person debate amid fears of two-tiered advice

Under new rules for banks, published by the Financial Conduct Authority (FCA) in conjunction with the Prudential Regulation Authority, investment advisers working in banks will be subject to a new conduct regime, but not to pre-approval by the FCA. Those working as stand-alone financial advisers will continue to be pre-approved by the FCA and must work under strict rules introduced by the Retail Distribution Review (RDR). The FCA said it "acknowledged the potential for regulatory inconsistency between advisers operating within the new regime and those who are employed by firms outside...