According to the FSA’s RDR consultation paper on professionalism, published today, the regulator may obtain this information from product sales data returns submitted by providers or source it directly from the adviser firm.
The FSA states: “The PSD record already requires information to be reported at an individual transaction level, although providers may not hold data on the individual adviser involved in the transaction.
“We expect that advisory firms would collect information on the sales made by their advisers at an individual adviser level. It may be necessary for us to require advisers to supply providers with the adviser’s individual reference number. Alternatively, sourcing data from adviser firms may be a more effective approach as we could then see across the range of transactions recommended for an individual customer.”
The FSA says this would allow it to improve its understanding of risks that might arise at an individual level and better protect consumers.
The FSA will consult further on these requirements later in the year.