Wealth management trade association PIMFA has called for further clarification from the FCA on its “confusing” ‘Our Framework: Assessing Adequate Financial Resources’ consultation paper.

The consultation paper identified practices personal investment firms should adopt but equally stated it does not impose specific obligations on firms.

Ian Cornwall, director of regulation at PIMFA, explained the lobby group is “questioning whether or not FCA are placing new obligations on Personal Investment Firms which have not been subject to a proper consultation process.”

For small firms, it is difficult to un...