FCA has published a policy statement on its consultation on FAMR and insistent clients. Respondents were generally supportive of FCA’s proposed PERG guidance and also asked for more guidance in some areas. FCA will publish the new guidance in early 2018 and directs firms wanting to make use of the amendment to the RAO definition of investment advice to a technical note it published in February.
The statement discusses FCA’s views that access to FOS under DISP should be extended to all consumers who receive guidance from authorised firms that are using the RAO amendment. It also covers FCA’s proposals on training and competence requirements and confirms its views on how firms should treat insistent clients (ie those who have received a personal recommendation but chosen to do something other than follow it).
It is also consulting on whether it is now appropriate to “retire” its non-Handbook guidance FG14/1 on inducements and conflicts of interest and FG12/15 on independent and restricted advice. It thinks these will be largely superseded because of MiFID 2 and other rule changes. It asks for comments on this by 19 January 2018.