Advice suitability complaints rising and upheld more often – Oxford Risk
41% of complaints against financial advisers in 2022/23 were upheld
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41% of complaints against financial advisers in 2022/23 were upheld
Just 7% believe current processes can react quickly to changes in customer circumstances
To focus on DB pension transfers and reducing harm in consumer investment market
Firm claims it takes ‘miscalibration risk out of the equation’
Thematic review into the implementation of regulations could be on the cards
Aim is to ‘ensure people can better navigate financial services to invest for the future’
After the watchdog withdrew the company’s licence over breach of suitability requirements
Focusing on clients receiving advice on income in retirement
Firms will have to think about redoing suitability or repapering clients to the UK
The Financial Conduct Authority has outlined plans to re-assess the suitability of retail investment advice in 2019, according to its latest annual report.
The UK financial watchdog has strongly criticised defined benefit (DB) pension transfer advice saying that most of the recommendations made are unsuitable.
Investment research firm FE Analytics has launched a service to help IFAs meet suitability requirements and deliver consistent investment advice.