FCA has published a notice addressed to financial adviser firms and their advisers on the improper delegation of authorised activities. It has noticed some firms operate a business model which includes delegating regulated activities to unregulated firms and says firms approached to delegate their regulated activities to an unauthorised third party need to be aware of the serious implications that may arise as a result of entering into this type of arrangement. FCA notes that financial advice relating to pension switching can play a vital role in helping people make informed decisions about their retirement savings, and may protect them from pension fraud and unsuitable high-risk investments. As a result, it is essential that financial advisers uphold their responsibilities, as set out in the FCA Handbook, at all times. (Source: FCA Notice on Improper Delegation of Authorised Activities)