A few notes on the most up to date regulation is perhaps overdue, normally regulation is part of work and not something the general readers care about, but with the increased focus on it we have had people asking how it works so I’ll start to cover some of it.
The Consumer Protection Code (CPC) puts several responsibilities onto financial firms, it offers various protections to consumers and is available on the web.
One of the requirements is for the firm to have a ‘terms of business’ letter which they give to clients prior to offering advice and is covered in section 4.13 of the code.
Using the term ‘independent’ are no longer usable at will. An intermediary can only use the term ‘independent’ in their trading or company name (or in how they describe themselves) if their principle regulated activities are based on fair analysis of the market and it allows the consumer to pay for their …