The City regulator proposed the current £10,000 should rise incrementally to £15,000 from 30 June 2016, eventually reaching the required £20,000 from 30 June 2017. These changes only affect directly authorised adviser firms.
With less than a year to go before these advice firms must meet the new minimum requirement, what challenges remain for advisers?
FTAdviser’s guide to adviser capital adequacy requirements covers the regulatory background to the capital adequacy rule changes, what firms need to do to make sure they comply with the FCA’s rules, the challenges they may need to overcome in order to meet this requirement, and ways to get the ball rolling ahead of the 2017 final deadline.
Contributors to this guide: Keith Richards, chief executive of the Personal Finance Society; Paul Forman, director and head of sales for UK and Europe at Momentum Pensions; Mike O’Brien, group brands director for Tenet; Linda Todd, head of Bankhall Operations; Tim Sutcliffe, managing director of Pi Financial; Caroline Escott, senior policy adviser for the Association of Professional Financial Advisers; Momentum Pensions; and the Financial Conduct Authority.
simoney.kyriakou@ft.com