The Financial Conduct Authority (FCA) has outlined examples of good and poor practices found during its ongoing advice services review into advisory firms.
The financial services watchdog this morning (24 February) updated on its ongoing services review, finding that suitability reviews were carried out by firms in the "vast majority" of cases. Findings were based on data sought from 22 of the largest advice businesses. In a multi-firm review update, shared today, the regulator outlined that some firms had engaged in poor practices, including issuing client contracts that did not include a clear description of services to allow a customer to understand expected deliverables. The regulator also flagged "ineffective processes, controls and...
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