FSA warns firms over unqualified advisers' roles post-2012

A number of firms are considering offering paid introducer roles to unqualified advisers or retirees after 2012 as they pass their clients on to a new, qualified practitioner. These ‘lay advocates’ may sit in on meetings and be a point of contact for their old clients, but they will not be permitted to give financial advice. Firms had sought guidance from the FSA about how the regulator would view this arrangement and admitted to concerns about unauthorised individuals “accidentally” advising clients. The FSA hinted it would be firms’ responsibility to ensure lay advocates do not m...