“The Financial Conduct Authority (FCA) has said firms should revisit advice given in the past after it found unacceptable examples of suitability reports as part of a review which involved 700 firms”.
- Having gone through a fact find and full advice, the customer is the best person to provide developmental feedback on a suitability report/letter.
- This guides the financial advisor through the areas that from a customer’s point of view are ambiguous or difficult to understand.
- The firm is provided with statistics that can be used with the regulator to confirm that customers understand the products and the advice given.
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Article link: http://citywire.co.uk/new-model-adviser/news/fca-tells-firms-to-revisit-past-advice-after-suitability-review/a990637