Enforcement threat looms for IFAs

According to Freshfields Bruckhaus Deringer, advisers should regularly record and review their decision making or face enforcement with the benefit of hindsight. Firm partners David Scott and David Rouch explained the regulations mean a reduced emphasis on prescriptive rules and extra focus on treating customers fairly. However, this new flexibility posed significant risks. Rouch said: “There will be recognition within firms that constant change is here to stay. It will be a complete change of culture.” Rouch explained firms will have to monitor non-conventional forms of guidance ...