FCA warns of 'serious implications' in pension switching referrals

In a notice published today, the FCA said it is essential advisers maintain ownership of the advisory process between themselves and their client. It warned delegating tasks to unauthorised firms "carries risk" and reminded advisers they would remain responsible for all decisions, actions and potential harm on advice carried out in association with their firm. The FCA said it has come across firms whose business model was to delegate the entire regulated activity of providing advice to an unregulated third party. In some cases retail consumers had been recommended to switch their m...