Article preview: Working with a regulated financial adviser is the only way to gain access to a robust regulatory framework, including a requirement for suitability of advice, access to an impartial complaints ombudsman, and the safety net of the Financial Services Compensation Scheme. Despite the many benefits of these consumer regulatory protections, there are concerns that the cost of providing industry-wide compensation has become excessive and poorly managed. PIMFA, the trade association for the wealth management and financial advice industry, is now calling on the Government and the financial services regulator to urgently reform the supervision of financial advice and consumer compensation.
How to reform financial services compensation and reduce the cost to consumers
This 721-word blog post looks at the proposals from PIMFA within their new policy paper, A rising tide lifts all boats? A roadmap towards better consumer outcomes and lower levies. Written on 30th November 2020.
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