FCA's magnum opus yields results
In January 2013, the FCA began a three-cycle thematic review of how firms were implementing the processes needed to meet the requirements of the RDR. The large scale of the review meant it took until Q3 of 2014 for all three cycles to complete, after which the regulator began work on its findings and analysis.
The FCA’s approach to the review changed throughout the cycles, moving from being gently supportive towards the firms that were struggling to meet the new regulation, through to deep disappointment, with promises of ‘disciplinary action’ for those that were still not meeting their requirements.
Although the findings of the reviews did become more positive as the cycles progressed, there were some issues that remained of concern to the regulator throughout, including disclosure, ongoing services and clarity to the nature of a firm’s restriction where the firm is providing restricted advice.
To read this article, by SimplyBiz Group Head of Regulatory Policy Richard Nuttall, in full, please click here