Wealth management firms say they are being "crippled" by suitability requirements as the Financial Conduct Authority (FCA) increases its scrutiny of the sector.
Under existing FCA rules, firms have to provide suitability reports to every retail client to whom they make a personal recommendation. A number of firms have gone further, instigating suitability reviews...
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Consequences could be more severe than in stress tests
Move to variable operating expenses
Set to happen on 4 April