Brokers urged to take FCA letter on "risks of harm" in sector seriously
Compliance specialists say brokers should make sure their procedures are in line with the expectations of the FCA.
Compliance experts have highlighted the importance for brokers to make sure they have the right procedures in place after the Financial Conduct Authority (FCA) identified a number of “significant risks of potential harm” in the sector.
The regulator called on brokers to address their strategies and improve their governance in a letter to firms written by head of retail GI, Roma Pearson, last week.
However, while they agreed that brokers should ensure they are compliant, specialists had mixed
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