Advisers will now have the opportunity to re-use another advice firm's fact find when a client moves from one business to another, the Financial Conduct Authority (FCA) has said.
In its Financial Advice Market Review guidance paper published on Thursday, the regulator said sharing fact finds could prove less costly to the consumer and encourage the take-up of financial advice. The regulator acknowledged completing a fact find can be time consuming and is often carried out face-to-face - thus potentially making it a "significant contributor to advisers' cost". As such, it added, any reduction in the length of the process could reduce the overall cost of advice for the consumer. The FCA said: "The ability of firms to use pre-existing information to facilitate a ...
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