The Financial Conduct Authority (FCA) has admitted the RDR has created unintended consequences for the wealth management industry.
Speaking at the Wealth Management Association annual conference today, FCA chairman John Griffith-Jones highlighted industry issues such as suitability and the advice gap. He said: "I would argue that what we have now is very clearly an improvement over what we had before. Yes, there may be side effects or unintended consequences, and over the coming months we at the FCA will monitor those very closely. "We are very alert to the advice gap and very interested to see where you, as part of a very competitive marketplace, go for new solutions that might meet [this]." The second proble...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes