PIMFA, the trade association for wealth management, investment services and the financial advice and planning industry, has criticised the regulator’s Consumer Composite Investments (CCI) proposals as “overly prescriptive and complex for firms and consumers alike”.
The Financial Conduct Authority (FCA) is currently receiving feedback on its proposed regime change to a more "outcome focused" approach to the industry's cost disclosure rules, with a deadline for responses today (20 March). Several key figures have already submitted their feedback, with a House of Lord's led campaign group damming the suggestions already. In its feedback, PIMFA raised its own concerns, telling the watchdog that its plans are "are incompatible with recent FCA findings on customers with characteristics of vulnerability, and the challenges many clients face when trying...
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