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UK financial advisers give suitable advice, don't all reveal costs - watchdog
May 18, 2017 / 12:43 PM / 5 months ago

UK financial advisers give suitable advice, don't all reveal costs - watchdog

The logo of the new Financial Conduct Authority (FCA) is seen at the agency's headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren

LONDON (Reuters) - More than 90 percent of UK financial advisers give suitable advice to retail customers, Britain’s financial watchdog said on Thursday but added that a large minority did not comply with rules on disclosing costs.

Advisers provided suitable advice in 93.1 percent of cases, the Financial Conduct Authority said in a review of the sector.

“These are positive results,” the FCA said.

The clean bill of health for advisers contrasts with other areas of the financial services industry such as the sale of annuities, where the FCA has found evidence of misselling.

But advisers provided “unacceptable disclosure” in 41.7 percent of cases, the FCA added, particularly around giving customers information about their costs and services.

The FCA will discuss the review findings with advisers over the next two years, and carry out another review in 2019, it said.

Reporting by Carolyn Cohn; Editing by Greg Mahlich

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