Financial advisers assisting clients with compensation claims could soon face sanction from the Financial Conduct Authority (FCA) if they do not have the required permissions in place, a solicitor has warned.
Clarke Willmott partner Stephen Searle has highlighted that, when claims management activity becomes regulated by the FCA later this year, advisers could find themselves in trouble for trying to help a client with any potential claims - even if they do so free of charge. Claims management activity will become regulated by the FCA from 1 April 2019 - a development expected to cost the financial watchdog some £16.8m to set up and deliver. When the greater regulator scrutiny comes into effect, Searle said, a number of things could land an adviser in trouble if they do not have the prope...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
