In January 2014, the FCA published Policy Statement 14/1: Distribution of retail investments: referrals to discretionary investment managers and adviser complaints reporting (PS14/1). In PS14/1, the FCA published final rules concerning earlier proposals that sought to:
- ban new referral payments by a discretionary investment manager (DIM) to an adviser when they adviser recommends that a client places additional money with the same DIM from whom they receive payments following a pre-RDR referral; and
- ban referral payments where an adviser firm does not provide personal recommendations to particular clients, but provides other services to them.
We have now published a short briefing note on the FCA’s final rules.
View Our briefing note