The Financial Conduct Authority (FCA) has come under fire from an adviser who believes it is failing in its duty to "expose wrong-doing and enforce 'best practice'".
SG Wealth Management director Neil Shillito voiced his frustration at the regulator's failure to respond publicly to Thursday's news that private bank Coutts is reviewing its clients' investment portfolios over suitability concerns. Shillito claimed the apparent failure to respond publicly to the bank's review meant Retail Distribution Review (RDR) principles of trust and transparency are not being taken seriously enough by the FCA. It was reported in the Financial Times that Coutts chief executive Michael Morley has written to UK clients warning them they might have been exposed to u...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
