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PIMFA responded to the Financial Conduct Authority’s (FCA’s) ‘Our Framework: Assessing Adequate Financial Resources’ consultation paper (CP19/20), calling it “confusing”, and set out their own observations on a number of issues regarding the content of the paper. |
In respect of Personal Investment Firms, of which most would be advisers, the consultation paper identifies practices firms should adopt but confusingly states that it does not impose specific obligations on firms. Ian Cornwall Director of Regulation at PIMFA said: “The FCA needs to give further clarification regarding this consultation paper – feedback from our member firms has indicated that there is confusion about the status of this document. We are questioning whether or not FCA are placing new obligations on Personal Investment Firms which have not been subject to a proper consultation process. It is very difficult to get a ‘sense’ of FCA’s expectations from the consultation paper in respect of a small Personal Investment Firm. There is no supporting material that we are aware of on the FCA’s website, which could help small Personal Investment Firms prepare and maintain documentation which would enable them to readily address the points covered in a review. Firms should not have to spend time and money seeking to guess FCA’s supervisory expectations. The FCA needs to consider what further material it can provide to assist firms, particularly small Personal Investment Firms, in meeting their expectations.”
Read the consultation paper in full on the PIMFA website |
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