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FSA warning as FSAVC deadline nears

The FSA is warning IFAs not to stall on the FSAVC review as the May 10 deadline for progress reports draws near, saying that many small firms still have a lot of work to do.

Writing in this week&#39s Money Marketing, the FSA spells out where IFAs are lagging behind and urges them to pull out all the stops.

IFAs have to complete 90 per cent of their review cases by the end of June and the FSA says it will take action if firms do not finish in time. The regulator says some firms have yet to complete even 10 per cent of their cases and the FSA believes a number of firms will fall foul of the June cut-off.

IFAs are not the only ones guilty of delays. The senior management of around six providers were hauled over the coals by the FSA in March for falling behind.

Around 52 per cent of cases have been completed by providers while big and medium-sized IFAs had completed around 34 per cent of cases.

The FSA says many small firms have done what is req-uired but have not kept the regulator informed while others have not told clients the outcome of their case.

Director of investment firms David Kenmir says: “We will be taking a significant interest in the firms at the back of the pack.

“If some firms are not prepared to make the effort, the FSA has an extensive range of powers and is not frightened to use them.”

•The final hurdle, p43

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