Some have questioned data that suggests rogue advisers are too often getting away with dumping compensation claims on the good guys, and raises questions about the need for stricter regulation. Here Professional Adviser plots the figures on a graph to show the true extent of the problem.
This week Professional Adviser published a far-reaching investigation that revealed the tiny percentage of advisers who have faced disciplinary action by regulators and professional bodies in the last six years, despite a backdrop of bad advice that has cost the industry £1bn. The link to the full article is here, but in brief the points it raised were: - Complaints upheld by the Financial Services Compensation Scheme (FSCS) in the last six years have cost advisers nearly £1bn, so £40,532 for every adviser trading in the UK, or £6,600 a year. - In that time regulatory action has be...
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