Advisers have criticised the Financial Conduct Authority's (FCA) latest proposal to remove them from its register if they are not considered 'senior managers', arguing the regulator was attempting to shirk responsibility.
The FCA said the proposed changes were intended to "reinforce that firms, rather than the regulator, are responsible for ensuring their staff are fit and proper", but advisers said the regulator was shirking its responsibilities by removing them from the register of regulated firms. Red Circle Financial Planning chartered IFA Darren Cooke said the senior managers regime as a whole was good regulation, but removing advisers from the public register was not. "We tell clients to check the FCA...
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