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.
Papers galore!
Huw Reynolds Compliance 2021, Certification, Conduct, COVID-19, FCA, Gabriel, Pension, platform, protection, Senior Manager, SM&CR, Switch, transfer
It has been a busy month for papers and publications at the FCA. These include: New Consumer Duty CP The FCA is consulting on plans to introduce a new Consumer Duty, which aims to set a higher level of consumer protection in retail financial markets. The Duty will have 3 key elements: A new Principle – the […]