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Executives slam trade bodies and ‘naive’ FCA for lack of fee guidance

by Elsa Buchanan on Apr 10, 2014 at 09:03

She added the WMA is ‘anxious to understand where the regulator believes some of our firms could be improving, and will be discussing this with them as a matter of urgency’.

Pamela Reid, executive director and head of Quilter Cheviot’s Bristol office, warned the findings may not necessarily tell the whole story.

‘Disclosing your charges is quite straightforward, and I don’t think there needs anything more to be said than that. Allied to the importance of the disclosure of adviser charging is looking at the actual cost of investment,’ she added.

Jonathan Fry, a director at his eponymous wealth management firm, responded to the findings by asking: '‘The question is: what is it specifically that the FCA is saying that is not being declared by the firms?’

He added: ‘I think that the FCA is very right to highlight those issues especially the one of restricted advice status and what they charge, but it’s over simplistic to think that all clients are as rational as the regulator would wish them to be, or as well informed.

'The explanation and discussion of fees is a potentially very time consuming and open-ended, wide ranging subject. It is far from straight forward to think that at an initial meeting a client can really grasp the implications of different firms' fee models.'

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2 comments so far. Why not have your say?

Knowledgable insider

Apr 10, 2014 at 13:52

What a shame that these tyrants dont regulate MP's...only then would we get some semblance of more sensible regulation i.e. a lighter touch where it is perfectly obvious that most advice is genuine as there is now no possible commission bias what else could it be? These lot are so clearly jobsworths and defending their jobs by creating unecessary works for the regulated that it is about time someone in this Government actually did something about it!

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Apr 10, 2014 at 14:40

It might be worthwhile the FCA indulging in a little introspection. If that number of people in a particular sector are getting it wrong then maybe, just maybe, there's a problem with the message?

Behavioural regulation - similar to the behavioural economics recently beloved by the FCA but applied to their own house...

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