FCA excludes P2P products from independent advice rules

In a consultation paper on advice on the products, out on 2 February, the regulator proposed to include peer-to-peer agreements in its 'designated investment business' definition, treating it "broadly the same" as other regulated advice. As such, it wants to allow advisers with investment permissions to advise on the products and introduce a ban on commission from the products, as previously suggested. The commission ban will also cover platforms such as those run by self-invested personal pension scheme operators, the regulator said. However, it will not ask independent advisers, ...