The Financial Conduct Authority (FCA) has outlined a number of good and bad practice scenarios around the design and delivery of ongoing advice.
The regulator's third and final cycle of the thematic review into firms' implementation of the Retail Distribution Review (RDR), found ongoing advice was an important element in clients seeking advice. It said it had found only isolated examples of firms receiving an ongoing adviser charge and not providing a genuine service in return. However, some firms needed to improve on some aspects of their ongoing service, such as charges disclosure, it added. To aid firms, the FCA outlined in detail the good and bad designs of an ongoing advice service, how charges should be disclosed, how...
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