Ken Davy: FCA's suitability letters review is unsuitable
Regulator is at odds with FAMR, Fos and the Treasury which are urging advisers to ‘keep it short’
There is an air of mystery, anticipation, and trepidation hanging over the Financial Conduct Authority’s (FCA) latest initiative (or is it attack?) on adviser firms.
I refer, of course, to the regulator’s decision to demand sight of the new business registers of some 700 advisory firms, from which it will select at least one file, and in some cases more, for a detailed review.