The Financial Conduct Authority (FCA) has been urged by compliance consultants and advice industry leaders to take a “more principled and realistic approach” to its potential ongoing advice review rule changes.
In its ongoing advice review update yesterday (24 February), the watchdog said it will "review" the regulatory approach to ongoing services. The FCA is set to "engage with the sector" in 2025 on potential rule changes. Rosemount Financial Services (IFA) CEO Ahmed Bawa told Professional Adviser that the regulator's current "clockwork-focused" approach "uses a lot of energy". "It probably forces customers to engage when they may not want, or need, to do so," the network boss said. "Customers want advice when they think of it, or when they have burning questions. For example, followin...
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