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FCA Adviser T&C Review

What has happened?

We understand that the FCA has recently written to adviser firms asking for details of their training, competence and recruitment records in relation to specific advisers. It is understood that the request relates to CF30 registered individuals and does not include non-customer facing staff at firms, such as paraplanners and administrators.

While the review is not specifically related to concerns over “phoenixing” by adviser firms and is simply part of regular supervision work by the FCA, it is understood that a number of advisers included in the request were formerly at collapsed advice group Honister Capital.

Honister Capital, which included advisory firms Burns Anderson, Sage Financial and Honister Partners and its subsidiary, B-A Financial Ltd, went into administration in 2012 after it failed to secure professional indemnity insurance. It had over 900 self-employed financial advisers across the brands and 190 back office staff and had been exposed to large claims relating to business written by advisers who had long since left the firm.

  • How can Thistle help you?

    Thistle will continue to keep this area under review and will issue further updates where necessary. Please contact Thistle if you need assistance in relation to any of these issues.