PIMFA, the Personal Investment Management and Financial Advice Association, has shared its disappointment that the Financial Conduct Authority (FCA) has confirmed plans to include discretionary fund managers as "providers", meaning they will be liable to pay for 25% of financial advisers' contributions to the Financial Services Compensation Scheme (FSCS).
Amid a funding shake-up of the UK's "fund of last resort", the FCA said respondents were generally supportive of the proposals it laid out in a consultation paper last October, although it acknowledged...
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Partner Insight: The rise in demand for DFM and multi manager solutions has been largely driven by new mandates from the regulator, says James Bampton, head of UK intermediary distribution at Architas