The Financial Conduct Authority (FCA) review into consolidation in financial advice was spurred by industry concerns rather than from within the regulator, FCA head of department for advisers, wealth and pensions Nick Hulme has told Professional Adviser.
"I've been to a lot [of events this year] and consolidation comes up time and time again," Hulme told PA. "It's not something that we were pushing, [we've been asked] ‘have you looked at consolidation?' "It's an industry-led piece that we're responding to, and that's part and parcel of this closer collaboration – we want to be able to have that conversation and chat, to hear what industry are hearing, share what we're hearing, and then perform our role as a result." The FCA is and always has been "agnostic" on firm size, Hulme set out. "I don't think it's a change in position at th...
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