InVest — February 2014: spotlight article
On 16 January 2014, the Financial Conduct Authority (FCA) published its finalised guidance on supervising retail investment advice. The guidance follows the September 2013 consultation (GC13/5) and centres on conflicts of interest (Principle 8), the Conduct of Business (COBS) inducement rules and Senior Management Arrangements, Systems and Controls (SYSC).
It follows an FCA review that found payments were still being made that could result in advisory firms favouring one product provider over another. This was deemed to undermine the aims of the Retail Distribution Review (RDR), the spirit of which firms must comply with, as made clear by the FCA.
The guidance is relevant to all providers of retail investment products sold by advisers and any advisory firm providing personal recommendations relating to retail investment products. This includes situations where product providers make payments to an unregulated third-party business for the benefit of an advisory firm…
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