Fairstone pans rivals under FCA scrutiny for treating clients as 'tradeable commodity'

The Financial Conduct Authority (FCA) has written to adviser consolidators to probe how they deal with acquired clients in an information gathering exercise designed to get to know the market. The regulator wrote to firms in November asking them about their processes for integrating clients following an acquisition. It wants to know how effectively client banks are integrated after they are migrated from one firm to another and how their suitability requirements are looked after. It is believed the regulator has written to the majority of large consolidators and is looking into abo...