Compliance consultants and advice industry leaders told Professional Adviser they are “not surprised” by positive Financial Conduct Authority (FCA) findings on ongoing advice services, but advice firms should not grow complacent and questions remain over the 15% of cases where clients did not engage with reviews.
The regulator this morning (24 February) shared findings from its ongoing financial advice services review, confirming that it has not identified a "systemic" issue but would look at reviewing rules. The ongoing advice service review sent shockwaves through the market on launch last year. Last February, the FCA wrote to 22 of the largest advice firms, seeking information and data on ongoing advice delivery over the previous seven years. The findings showed that there were fewer than 2% of cases where clients had not received suitability reviews over a seven year period. Of cases looked a...
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