January 21, 2020 / 12:51 PM / a month ago

UK watchdog begins two-year crackdown on financial advisers

LONDON, Jan 21 (Reuters) - Britain’s markets watchdog told financial advisers on Tuesday they face a two-year crack down to stop unsuitable advice, investment scams and excessive fees.

The Financial Conduct Authority (FCA) said in a “Dear CEO” letter to heads of financial advice firms it regulates that the sector has a valuable role to play.

“However, we are seeing an increasing number of cases where the actions of firms are resulting in significant harm to consumers’ financial well-being,” said Debbie Gupta, the FCA’s director of financial advice supervision, in the letter.

“There will be increased focus on these areas as part of our wider supervision of firms over the next two years.” (Reporting by Huw Jones, editing by Carolyn Cohn)

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