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FCA discovers breaches by advisory firms

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FCA discovers breaches by advisory firms

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The Financial Conduct Authority has found that half of the firms that it has reviewed as part of a report into inducements between advisers and providers have breached Principle 8 regarding conflicts of interest.

The FCA review highlighted areas of serious concern and a ‘poor management culture’ in some firms, whose actions have been found to undermine the rules of the Retail Distribution Review (RDR).

The FCA have written to a sample of advisory firms and life insurers to set out its concerns regarding the underminding of the RDR.

Full article via IFAOnline

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