The UK Financial Conduct Authority (FCA) has sent a letter outlining its expectations for financial advisers and investment intermediaries.
The regulator notes the increase in the acquisition of firms or their assets over the last two years. While industry consolidation can provide benefits, various types of harm can occur where this is not done in a prudent manner with effective controls to promote good outcomes.
The FCA expects firms to:
- Notify the regulator and get its approval to acquire or increase control in a firm it regulates.
- Ensure the delivery of good outcomes is central to a firm’s culture. Leadership, governance,…
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