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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Barclays Plc    BARC   GB0031348658

BARCLAYS PLC

(BARC)
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UK watchdog begins two-year crackdown on financial advisers

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01/22/2020 | 03:11am EST

Britain's markets watchdog told financial advisers on Tuesday they face a two-year crackdown to stop unsuitable advice, investment scams and excessive fees.

The Financial Conduct Authority (FCA) said in a "Dear CEO" letter to heads of financial advice firms it regulates that the sector has a valuable role to play.

"However, we are seeing an increasing number of cases where the actions of firms are resulting in significant harm to consumers' financial well-being," Debbie Gupta, the FCA's director of financial advice supervision, said in the letter.

"There will be increased focus on these areas as part of our wider supervision of firms over the next two years."

Mark Turner, managing director of compliance at financial services firm Duff & Phelps, said it was clear the FCA wanted advisers to take action immediately.

"This is a far-reaching letter...reminding them of the important role they play in advising consumers on arguably the most important and significant financial decisions of their lives," Turner said.

The FCA said it would review initial and ongoing advice to consumers on taking an income in retirement.

"You need to ensure the advice you provide is suitable, costs and charges are disclosed clearly, and you act in the best interests of your clients," Gupta said.

Consumers in Britain have been given "freedoms" to cash in their pensions.

Lawmakers have said the FCA was too slow in 2017 in stopping steelworkers in Wales being ripped off by advisers over critical pension decisions.

"Consumer protection at and in retirement continues to be a significant challenge for the FCA in the post-pension freedom world," said Tom McPhail, head of policy at Hargreaves Lansdown, a funds supermarket.

The FCA said it expected advisers "to start from the assumption that a pension transfer is not likely to be suitable for your client".

It said that some financial advisers have inadequate resources and professional indemnity insurance, meaning they may not be able to compensate customers when things go wrong.

By Huw Jones

Stocks mentioned in the article
ChangeLast1st jan.
BANCO SANTANDER, S.A. -1.74% 3.782 End-of-day quote.3.19%
BARCLAYS PLC -0.94% 179.62 Delayed Quote.0.94%
HARGREAVES LANSDOWN PLC 0.00% 1710 Delayed Quote.-11.63%
HSBC HOLDINGS PLC 0.45% 562.2 Delayed Quote.-5.44%
LLOYDS BANKING GROUP -2.12% 55.35 Delayed Quote.-9.52%
THE ROYAL BANK OF SCOTLAND GROUP PLC -1.73% 204.1 Delayed Quote.-13.57%
WSFS FINANCIAL CORPORATION 0.17% 40.89 Delayed Quote.-8.75%
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Financials (GBP)
Sales 2019 21 569 M
EBIT 2019 7 809 M
Net income 2019 2 430 M
Debt 2019 -
Yield 2019 4,95%
P/E ratio 2019 13,1x
P/E ratio 2020 7,53x
Capi. / Sales2019 1,46x
Capi. / Sales2020 1,43x
Capitalization 31 407 M
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Number of Analysts 23
Average target price 210,83  GBp
Last Close Price 1,80  GBp
Spread / Highest target 14 375%
Spread / Average Target 11 638%
Spread / Lowest Target 8 808%
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Managers
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James Edward Staley Group Chief Executive Officer & Director
Taylor Wright Co-Head-US Equity & Managing Director
Nigel Paul Higgins Group Chairman
Paul Herbert Compton Group Chief Operating Officer
Tushar Morzaria Group Finance Director & Executive Director
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