Advisers have welcomed the Financial Conduct Authority’s (FCA) temporary softening of 10% drop notifications, but believe the requirement for notices each quarter was unnecessary.
Upon reading the FCA's latest Dear CEO letter, in which the regulator said it would temporarily soften its stance on 10% portfolio drop notifications, former FCA man turned consultant Rory Percival (pictured) said that, while he saw the relaxation as "sensible", the way it had been carried out was not. In order to help firms during the current coronavirus crisis, the FCA said it had no intention of taking enforcement action between 1 April and 1 October where a firm did the following three things: • Issues at least one notification to a retail clients within a current reporting period...
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