The FCA expect firms who describe their services as independent to conduct a comprehensive and fair analysis of the relevant market, which is unrestricted and unbiased. We do not have a preference on whether a firm or adviser is restricted or independent, as long as it is clear to the client from the outset what […]

It may have taken the regulator a long while to catch up, but most in the industry have known for years: annuities do not offer great value. In truth, they haven’t represented good value for a while – and all the competition studies in the world will not fix some of the underlying problems relating […]

The problem with compliance, as Brett Davidson so succinctly puts it, is that “only advisers using charging systems designed 300 years ago by product manufacturers think they have to work for free.” And therein lies the crux of the matter. “Our (THE IFA) whole industry has been set up by product providers to sell products, […]

One of the central objectives of the RDR is to remove the risk of prejudice to consumers arising from conflicts of interest resulting  from remuneration arrangements between investment product providers and advisory firms. On 16 January 2014, the FCA published its final guidance (the Guidance) on inducements and  preventing conflicts of interest, as set out […]

Many financial advisers are still swerving questions about fees one year after the implementation of the Retail Distribution Review (RDR) an investigation by Which? has found. Which? research found that more than half of the advisers questioned refrained from revealing how much they charge until customers meet with them in person. The vast majority investigated […]

PRESS RELEASE  5 DECEMBER 2013 – The Review of Financial Advice (“RFA”) project commenced in August 2011 with the publication of Position Paper No. 1 on the Review of Financial Advice. On 27 September 2013, the Jersey Financial Services Commission (the “Commission”) published Consultation Paper No. 8 2013: Proposed Revisions of the Codes of Practice […]

The JFSC has now published a paper setting out its final position on its Review of Financial Advice (the Jersey equivalent of the UK Retail Distribution Review). The paper confirms that only persons registered to undertake Class C and D investment business will be affected by the review. The review will distinguish between professional clients […]

A nameless compliance director is left baffled after a meeting with the FCA….. Given that our company has been authorised for fewer than two years and has grown to around 35 advisers, it was no great surprise when we were asked to attend a face-to-face meeting with the Financial Conduct Authority (FCA) as part of […]