I agree, it has become a conflicted mess with poor governance in its own right. I checked the FSG's of several members on the Conduct Review Committee - many receive volume bonuses on grandfathered platforms, are vertically integrated, are institutionally aligned etc etc All the things the RC has pointed out as poor practice. And the question of whether the FPA is serious about advised conduct when it won't release names, and/or at the same time is promoting positive advice. What hope is there.
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