Alex Morris, partner and IFA at Financial Relationships, on the FSA's plan for newly accredited bodies to audit firms' professional standards on its behalf post-RDR.
A new requirement for firms to notify the FSA about serious competence and ethical issues has been brought in, with effect from 1 July 2011. Interestingly, the paper states the FSA expects firms to notify them of issues as they are identified, including issues arising after the adviser has ceased to be employed by them. Causes include if an adviser is deemed by the firm to no longer be competent, or has failed to attain an appropriate qualification within the time limit allowed. Also, if they have performed an activity requiring competency without first demonstrating competence (and w...
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