What is the difference between advice, information only and a personal recommendation?
Amongst other things the Finalised Guidance document FG15_1 ‘Retail investment advice: Clarifying the boundaries and exploring the barriers to market development’ looked to explain the differences.
Steve Bailey (ATEB director) recently undertook a critical and detailed examination of the paper for an article compiled for Adviser Business Review.
The article can be accessed here.
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It’s an important read. Firms looking at developing other distribution channels will need to be very careful in their approach. Innovation can create some excellent customer outcomes with the right level of investment and expertise, but beware, because there are some banana skins.
If you are in doubt please refer to your ATEB consultant or contact us here.
The FCA is gathering information from firms in relation to the fair treatment of vulnerable clients.
The decision in the Lloyds Bank Equalisation case has difficult implications for schemes and advisers.
The FCA is continuing its mass mailing of a letter to firms that have done transfer business – action is required.
Capacity for loss continues to be misunderstood by firms, and the providers of third party tools that purport to assess it.
Do you need discretionary permissions?
Alistair MacDougall Compliance 2018, FCA, PI
Firms need discretionary permissions to outsource to a Discretionary Investment Manager.