The deVere Group, the world’s largest independent financial advisory firm, is publicly championing the Financial Services Authority’s latest plans to tighten-up regulation within the wealth management sector.
Chief executive, Nigel Green, says: “Following publication of its annual review, the FSA is vowing to increase scrutiny on investment managers. The deVere Group has long been calling for this and therefore we wholeheartedly support the FSA’s stance.
“Enhancing supervisory action in wealth management can only be of long-term benefit to the client and the industry.”
Mr Green suggests that there are several key areas in which the FSA should direct its attention: “I hope the regulator will focus on ensuring that firms are correctly gathering and regularly updating their clients’ information in order to advise them on suitable portfolios.
“Similarly, I would like to see the FSA drive forward initiatives to guarantee higher levels of service and transparency.”
The UK regulator’s forthcoming ‘clampdown’ comes after it released its yearly Retail Conduct review and also against a backdrop of some of the biggest names in financial services – including Coutts, banker to Queen Elizabeth II – recently having received penalties for breaching regulations.
“We hope and expect the FSA’s crackdown will herald a greater level of professionalism across the financial services industry.”