IFA consolidation
Regulatory Compliance
The Financial Services Authority
The Financial Compliance regulator the FSA has given warning to regulated small firms considering using an Independent Financial Adviser consolidation business when leaving the industry, that the regulated firm must ensure that the new solution is suitable for each individual client.
There are a number of these consolidators that are not FSA regulated firms.
The FSA are reminding firms that they must continue to act, honestly, fairly and professionally in line with the client's best interests and Financial Compliance.
While there could be consumer benefits from an adviser looking at dormant client accounts more regularly, there are also issues that firms must consider in order to ensure the fair treatment of consumers," said the FSA.
Submitted 20 Oct 2009
Submitted by {FSA} on Tuesday 20th October 2009