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.
Positive Compliance: Episode Two
Steve Bailey Compliance FCA, Pension, PI, Switch, Xplan
This is the second in our series of Positive Compliance news articles and focusses on the important topic of Pension Switching. Find out more by reading the full article.