The UK Financial Conduct Authority has announced it is investigating 29 financial advisory firms for enforcement actions including fraud and misselling.
Responding to a freedom of information request from the UK trade press, the regulator – which was previously under the auspices of the Financial Services Authority until a restructure in 2012 – said the investigation was looking at alleged cases of financial crime, mortgage fraud, suitability of advice and systems and controls issues.
The investigation is also looking into alleged misconduct by mortgage broking professionals.
“It is a small fraction under investigation and the level of adviser regulatory fees - around 10 per cent of all FCA fees - does not seem commensurate with the level of risk posed by the sector in light of these figures,” said the UK Association of Professional Financial Advisers’ Chris Hannant.
SUBSCRIBE TO THE IFA DAILY BULLETIN
24 Jan 2018FPA ‘never intended’ FPEC list for existing advisersBy Killian Plastow
24 Jan 2018ASIC investigation confirms in-house product biasBy Aleks Vickovich
24 Jan 2018CBA compensation payout hits $6.87m and risingBy Staff Reporter
23 Jan 2018Financial advice changing of guard ‘positive’By Staff Reporter
23 Jan 2018Royal commission, best interests duty and 2018 outlookBy Staff Reporter
23 Jan 2018Advisers challenged by geopolitical climate: reportBy Staff Reporter
- view all