PIMFA and Aegon warn FCA 'core' advice proposals need work

FCA consultation on the issue closed this week

clock • 3 min read

PIMFA has warned the Financial Conduct Authority’s (FCA) proposals on core investment advice risk being undermined by “unnecessary restrictions.”

The trade association for the wealth management and financial advice industry said while it welcomes and broadly supports the FCA consultation paper on broadening access to investment through the provision of advice, it had concerns. The FCA consultation, Broadening access to financial advice for mainstream products, closed yesterday (1 March). The issues centre on the commercial viability of the proposals as currently envisaged, PIMFA said. Placing a lifetime limit on the amount an individual could contribute is one problem it has identified. Also, the proposed restriction on tran...

To continue reading this article...

Join Professional Adviser

  • 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.



Already a Professional Adviser member?


More on Regulation

The FCA offices in London

FCA sets out plans to streamline legal work in single department

Headed up by general counsel Stephen Braviner-Roman

Jenna Brown
clock 23 March 2023 • 1 min read
FCA restricts advice business after engagement failures

FCA restricts advice business after engagement failures

Independently East bank accounts frozen and permissions cancelled

Charlotte Moore
clock 23 March 2023 • 2 min read
TPO orders AJ Bell to compensate client after £10k transfer error

TPO orders AJ Bell to compensate client after £10k transfer error

Client had requested a full cash transfer from Nucleus to AJ Bell

Charlotte Moore
clock 22 March 2023 • 2 min read