The Financial Conduct Authority (FCA) review into advice market consolidation is “big news” but does not mean the regulator has a negative view on acquisitions in the sector, according to regulatory expert Clive Gordon.
The FCA yesterday (7 October) said it would launch an investigation into the ongoing consolidation in the advisory space in light of concerns about consumer outcomes. Sicsic Advisory consumer investments and financial crime practice lead Clive Gordon, who formerly worked at the FCA, said while the regulator was concerned about consumers the review itself was not saying consolidation was wrong or bad for clients. "The important thing to note is this isn't the FCA saying that consolidation in this sector is a bad thing, but they are concerned that acquisitions can lead to prudential con...
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