FCA probes adviser training and competence in letter to firms

The FCA has written to advisers asking for details of their training, competence and recruitment records for staff, Money Marketing understands.

The regulator has written to a number of firms asking for the details in relation to specific advisers within the business, a senior compliance source has told Money Marketing.

It is understood that the request relates to CF30 registered individuals and does not include other non-customer facing staff at firms like paraplanners and administrators.

While the review is not specifically related to concerns over phoenixing and is simply part of regular supervision work by the FCA, senior compliance sources say that a number of advisers in the request were formerly at collapsed advice group Honister Capital.

The source says: “We are starting to see more intelligence from the Financial Services Compensation Scheme used by the FCA…People want to understand when a firm goes into default what happened to the people who were in there and what they are doing further forward. If they stay in the industry they may have a liability carrying on those processes.”

The FCA declined to comment on the number of firms the regulator sent the letter to.



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There are 2 comments at the moment, we would love to hear your opinion too.

  1. Nicholas Pleasure 1st May 2018 at 2:00 pm

    If this is targeted at people who were advisers at a collapsed firm that had many complaints and cost us all thousands through the FSCS then this is exactly the kind of policing that the FCA should be doing.

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