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Suitability

FCA suitability report good practice states that you should use “clear and plain language” and that “overly long reports may reduce a customer’s ability to consider the recommendations being made”.

A good report will cut to the chase and explain concisely the reasons for the recommendation (the reasons WHY) and should not replicate what is contained in other documents, only refer to them.

Supporting information (for example, Glossary of Terms, Attitude to Risk definitions, Fact Find snapshot) should wherever possible be contained in appendices so that the reasons why are not diluted.

Don’t forget to check Our View about this article and the Actions Required By You

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Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

About the Author

David Anderson

David Anderson

Director - Having joined us directly from university, David quickly developed into an indispensable member of the team. As our IT Director he is responsible for ATEB’s technology strategies, security systems and platforms. He has been at the forefront of the development of ATEB Suitability and instrumental in ensuring that the complex regulatory requirements are catered for in an interactive and intuitive fashion. He would be delighted to discuss its capabilities with you in more detail.

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