Advisers scoff as FCA backtracks on IFA referrals

A decision by the Financial Conduct Authority (FCA) to permit advisers to refer clients to specialists and remain independent does not of itself show it listens to the industry's concerns; rather that it will adapt to "what goes on in real life," according to consultants. Stakeholders said they welcomed the move, but that it will have little impact on everyday practices as firms were already operating in this way, safe in the knowledge clients benefited. Last month, the regulator announced it would see nothing wrong if an adviser at a firm marketing itself as independent referred a cl...