FCA takes aim at wealth managers over high-risk and high-fee products

The UK's Financial Conduct Authority has slammed wealth management and stockbroking firms over practices that the regulator claims have resulted in harm for consumers. In a 'Dear CEO letter' published on 8 November, the regulator said some companies have lost consumers "significant sums" to scams and fraud, and have also played a role in enabling money laundering. The FCA added that some firms have also exposed consumers to "inappropriately high-risk investments" and provided poor value for products and services. It highlighted the scale of the sector within the consumer space, wit...