The Financial Conduct Authority has slammed wealth management and stockbroking firms over practices that the regulator claims have resulted in harm for consumers.
In a 'Dear CEO letter' published today (8 November), the regulator said some companies have lost consumers "significant sums" to scams and fraud, and have also played a role in enabling money laundering. The FCA added that some firms have also exposed consumers to "inappropriately high-risk investments" and provided poor value for products and services. It highlighted the scale of the sector within the consumer space, with 1.8 million portfolios and 14.3 million stockbroking accounts currently active. Bank of England and FCA outline plans to regulate stablecoins into mainstream ...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes