Financial Conduct Authority  

FCA hopes SMCR will turn advisers into 'adults'

Ms Lockie also warned the FCA would be looking to actively enforce requirements under the new regime.  

Ed Gibson, head of financial services at Shaw Gibbs, said: "Large firms should have the teams to put things in place and small firms will probably need simply to document what is reality - that if you run your own business with a couple of staff then you know you've got the responsibility for everything from culture to compliance.

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"The firms in the middle, those not large enough to have HR and compliance teams, the firms owned by or in joint venture with accountants or lawyers and those which are more a loose association of advisers - they're the ones who are likely at risk." 

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