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...
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