Adviser firms that remain non-compliant with product intervention and product governance sourcebook (PROD) rules are easy targets for FCA enforcement action, Rory Percival warned PA360 North delegates on Wednesday.
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...
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