The Financial Conduct Authority (FCA) has found increased professionalism in the advice sector and better disclosure of services and charges, but one firm has been referred to enforcement for "insufficiently engaging" with the Retail Distribution Review (RDR).
The regulator said it has found a "material improvement" in the way firms disclose the cost of their advice, the scope and nature of their services to clients. However, it also found further disclosure improvements needed to be done, particularly in disclosing fees in cash terms for ongoing services. The FCA said it has referred one firm to its enforcement division which it did "not believe has sufficiently engaged with the changes the RDR requires", following the regulator's third cycle of work looking into how firms are adapting to the rule changes. The regulator has also publish...
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