The FCA have been busy: there is the HMT/FAMR latest on definition of advice, the Suitability Review report, the latest on Defined Benefit Pension transfers. Elsewhere we have MiFID II implementation guidance, AML and General data Protection Regime - GDPR initiatives.
The Financial Conduct Authority recently released Assessing Suitability Review looked into the suitability of the advice offered by the pensions and investment market, and the quality of disclosure in the sector.
One thing is clear, there is real momentum underway within the retail investment advice market towards more client-centric business models that will make both products and services easy to access, affordable and compliant.
Model Office’s (MO’s) aim is to ensure compliance is no longer considered as a department or business function but rather a corporate state of mind.
We have a new duck in town, HMT have now placed their stake in the MiFID advice definition camp and thus we now have a clear and transparent definition when advice is advice and not as the case maybe.