APFA: Exclude unregulated products from FOS and FSCS

An unregulated activity 'should not be part of any regulatory body's remit', adviser body says

Carmen Reichman
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The Association of Professional Financial Advisers (APFA) has called for a "fundamental change" in the scope of compensation within both the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS), as adviser firms struggle under the weight of regulatory costs.

The adviser body suggested it was not always fair on advisers when consumers are compensated for non-regulated products simply because the advice was regulated. "We believe that an unregulated activity should not be part of any regulatory body's remit," APFA stated. "People taking extreme risks...

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