In recent years, the distinctions between financial intermediaries in the banking, securities and insurance sectors have been blurred in many countries. This new financial conglomerate allows banking, insurance and securities operations to be carried out under the same roof, and at the same time, modify the landmark of the financial industry. By fitting the industry path and achieving the goal of high profit, the wealth management has taken the lead role in the industry and the customers are introduced to an era of tailor-made and elaborated financial services.
Nevertheless, while the aggregated wealth management consulting is taken to replace the traditional way of selling products, the way to regulate the financial sector changed. Compared to the usual regulatory regime's focusing on the selling of financial products, the supervision and regulation for wealth management will have more concerns in the suitability and integrity of the advice. This article aims to dig into the hot issue emerging from the delivery of wealth management services- Mis-Selling. This article first sets forth the description of wealth management, and then figure out the issues raising form the service provided with the focus on mis-selling related issues. This article next discusses the rule adopted by the FSA, UK, the rational for the rule and the cases. Finally, I propose to regulate the mis-selling with the procedure solution integrating the KYC procedure, suitability and disclosure.