FCA refers one firm to enforcement over RDR changes

The Financial Conduct Authority (FCA) has found evidence of increasing professionalism in the financial advice sector, it said today, but one firm has been referred to enforcement for "insufficiently engaging" with RDR changes.

The regulator said it has found a "material improvement" in the way firms disclose the cost of their advice, their scope of service, and the nature of their services to clients. However, it also found further disclosure improvements are still needed, particularly in disclosing fees in cash terms for the ongoing charges required to pay for a firm's ongoing service. The results are part of the third and final cycle of the regulator's thematic review of how firms have implemented the rules brought about by the Retail Distribution Review (RDR). The review looked at ongoing services fir...