The Financial Conduct Authority (FCA) has sent 120 advisory firms a detailed questionnaire that will form the basis of second phase of its statistically significant Retail Distribution Review (RDR).
Under the first phase, the British watchdog investigated the firms’ compliance with adviser charging and found that the industry had made good progress.
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IFAonline quoted FCA technical specialist Rory Percival as saying at the Institute of Financial Planning (IFP) conference, "The first cycle that we published the results of in July, was always intended to be quite supportive of the industry, giving indications early on about what good and poor practice looks like.
Percival further said that the FCA will publish the results of second phase of review in the near future.
The third phase of the review expected to begin in 2014.
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