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How to stay independent: FCA video

Requests for further clarification on the regulator’s independence requirements, saw Rory Percival, Technical Specialist, FCA interviewed by IFA Clinton Askew, director, Citywide Financial Partners 

The FCA recently completed its second cycle of work on independent advice in the retail investment market. The Thematic Review March 2014 report can be viewed at the following link:

http://www.fca.org.uk/your-fca/documents/thematic-reviews/tr14-05

In response for further clarification, Clinton Askew, director of Citywide Financial Partners and member of the FCA’s Smaller Business Practitioner Panel, interviewed Rory Percival, Technical Specialist at the FCA, about the regulator’s independence requirements.

Click on the link below to go to the FCA’s webpage hosting the video. The FCA has put the video below the fold in the page so you’ll have to scroll down to find it.

http://www.fca.org.uk/news/thematic-reviews/tr14-5-supervising-retail-investment-firms

This 12.09 minute video tackles issues such as:

* Whether the new independence standard is more difficult to adhere to

* What firms need to do in practice

* Does there need to be full review of all products in the marketplace?

* Due diligence on products

* What is meant by ‘relevant market’?

* Independence and use of one platform

* Use of model portfolios

* Use of panels of products

* Referral of clients to specialist advisers, including discretionaries

* Not recommending certain products

* Can smaller firms meet the independence requirements?

* The key messages from the FCA

 

 

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