The Financial Conduct Authority (FCA) said it could not be "less conservative" in changing the perimeters of what constituted a personal recommendation in financial advice.
In Policy Statement PS18/3, the regulator provided feedback to responses received to the proposals it made in a consultation on the Financial Advice Market Review (FAMR), regarding perimeter guidance on personal recommendations for retail investments. The consultation paper, which was published in August, saw the FCA propose guidance should fall under the Principles of Business, the client's best interest rule, and the fair, clear and not misleading rule. In the new paper, the regulator said it had been asked: "Could the FCA take a less conservative approach to the assessment of what ...
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