FCA shows concerns about transparency in the advice space
Chief Executive of the Financial Conduct Authority, Martin Wheatley, has said that despite the fact that the transparency of advisers was in ‘net positive territory’ there were still areas of concern, following consumer reports, and added that the watchdog would need to do more work on the issue.
“Some consumer reports we get are still a concern, both in terms of fees and certainly in terms of the capacity in which the adviser is operating and this difficult issue of when independent is independent and what does restricted mean.
“That’s something that’s come back to us as an area that we probably need to spend more time on.”