Former FCA man Rory Percival was surprised to hear the Financial Conduct Authority’s (FCA) claim that cases of consumer harm in the advice process are increasing.
The FCA wrote to advisers this morning, outlining the next stage of its suitability review will focus on retirement income. In its Dear CEO letter, the regulator outlined its approach to tackling key areas of concern linked to adviser firms and actions advisers should take this year. The FCA said it was "seeing a number of cases where the actions of firms are resulting in significant harm to consumers financial wellbeing". It highlighted pension transfers and investment scams as areas where consumers were being harmed, claiming authorised firms were continuing to work with unregula...
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