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Financial Services: Regulation

Volume 459: debated on Wednesday 18 April 2007

To ask the Chancellor of the Exchequer what the system is for the regulation of independent financial advisers. (131111)

The provision of financial advice is regulated under the terms of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. Regulatory principles and detailed rules are made and enforced by the Financial Services Authority. These principles and rules require advisers to take a number of steps to ensure they provide suitable advice and treat their customers fairly. Where consumers have a complaint against a financial adviser which cannot be resolved through the adviser's own complaints process, they have access to the Financial Ombudsman service.