PA360 North: PROD non-compliance makes firms 'easy FCA target'

Speaking at Professional Adviser's all-day conference for financial advisers, the former Financial Conduct Authority (FCA) man turned consultant suggested a failure to comply with PROD made firms easy pickings for the regulator. Percival (pictured) estimated "less than 1% of the market" was compliant with PROD, adding that even those who believed they were were very possibly mistaken. He suggested most firms fall down when it comes to the written element of the new regime - namely that firms must write down how they have segmented and subsegmented their clients, devised investment sol...