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ARTICLE · 28 JANUARY 2020

FIG Bulletin, 24 January 2020

Hogan Lovells
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The Financial Conduct Authority (FCA) has published a Dear CEO letter to financial advisers, setting out the FCA's approach to tackling key areas of concern in financial advice firms and the...

European UnionFinance and Banking
Hogan Lovells
Hogan Lovells

General

Financial advice firms: FCA Dear CEO letter

The Financial Conduct Authority (FCA) has published a Dear CEO letter to financial advisers, setting out the FCA's approach to tackling key areas of concern in financial advice firms and the actions those firms are expected to take. The FCA has identified four key ways in which consumers of financial advice may be harmed:

  • receiving unsuitable advice for their needs and objectives;
  • falling victim to pension and investment scams;
  • not receiving redress as a result of the non-payment of Financial Ombudsman Service (FOS) awards and/or failing firms being unable to compensate consumers; and
  • paying excessive fees or charges for products and services.

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