The Financial Services Authority (FSA) has said it will "come down hard" on those firms who continue to flout its rules after its first round of thematic reviews this year.
The FSA will conduct four thematic reviews in 2013 in three cycles beginning later this month. Four areas will come under the scope of the regulator's investigations; professional standards, charging, description of services and independence and restricted offerings. The FSA said that in the first cycle of reviews if it finds firms not meeting its requirements it will give them "breathing space" to comply, and will allow firms a chance to "bed in" the changes brought about by the Retail Distribution Review (RDR) in the first six months of the year. However, following the first cycl...
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