Brokers urged to take action after FCA calls for clarity on remuneration
Experts say brokers need to review their business models after the regulator slams the industry for "weakness" over product governance rules and highlights its focus on fair value.
Compliance experts have warned that brokers will have a lot of work to do to comply with the Financial Conduct Authority’s (FCA) new product governance rules coming into force on 1 October 2021.
Last month, the regulator slammed the insurance industry for “weakness” over fair value rules in a review which looked at how firms designed, sold and reviewed their products to ensure they met the needs of their customers.
This formed part of the FCA’s increased focus on fair value and the review
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