Commission calls on QFEs to set high standards
According to the QFE Adviser Business Statement [ABS] Guide, released just two days shy of Christmas, businesses wishing to join the regime will have to lodge comprehensive documents with the Commission detailing the structure and operations of their organisations.
An ABS produced by a QFE must include information such as the split of its product sales by channel and full details of adviser remuneration methods. However, QFEs will not be obliged to make their ABS document publicly available.
The ABS itself must be structured in two parts: part one, outlining the QFE's advisory business, and; part two, describing governance and compliance systems.
The Commission says businesses comprised largely of authorised financial advisers (AFAs) wouldn't gain much advantage by acting as a QFE.
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