The Financial Conduct Authority (FCA) has proposed five steps advisers should take to help protect themselves when doing business with insistent clients.
In an effort to "increase confidence" among advisers and providers on its expectations on dealing with insistent clients, the regulator laid out what is set to become official FCA Handbook guidance. In its latest Financial Advice Market Review implementation consultation published on Tuesday, the FCA said it was aware firms had different views on how to deal with insistent clients and that some advisers were unwilling to transact with them. The issue of insistent clients intensified with the boom in defined benefit transfers, with many advisers reporting an increase in both since the...
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