Ms Harrison said this was a "huge change" for firms and warned the FCA was serious about pursing bad practice.
But others in the industry have been less concerned.
Garry Mcluckie, communications director at Nucleus Financial, told FTAdviser last month advisers did not have to worry about the SMRC as the legislation was “more straightforward” than other legislation they have previously dealt with.
He said advisers had been forced to grapple with a number of regulatory changes over the past few years and SMCR was “smaller” and “more straightforward” than the other policies.
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