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.
Financial Sanctions Checks
Shirley McKenzie Compliance Conduct, FCA, PI
In response to Russia’s invasion of Ukraine, the FCA published information about the tranche of sanctions announced in relation to Russia and Belarus and the HM Treasury’s Office of Financial Sanctions Implementation (OFSI) has been regularly updating its publications to provide new information as it becomes available. Financial sanctions – a firm’s obligations The FCA […]