Advisers are unimpressed with the latest Financial Conduct Authority (FCA) proposals to give consumers in receipt of financial guidance access to regulatory protections.
Advisers were particularly curious about who would foot the bill for the proposals, which were outlined in a consultation on the Financial Advice Market Review (FAMR) released on 1 August. In particular, the regulator proposed guidance should fall under the Principles of Business, the client's best interest rule, and the fair, clear and not misleading rule. This means consumers will be given access to the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS). Professional Adviser heard from three advisers who said the proposals were not welcome. ...
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