There is a specific rule requirement to disclose any possible disadvantages in the suitability report. The rule (COBS 9.4.7) can be seen here: http://fshandbook.info/FS/html/FCA/COBS/9/4.
Remember that a disadvantage is different to a risk. For example, there is a risk that investments can fall in value, whereas a disadvantage would be that the recommended product has higher charges than the product being replaced.
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.
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The FCA has highlighted potential issues with how IFISAs are promoted.
The FCA has published a Mortgages Market Study final report that includes its vision and proposed changes.
The SM&CR applies to all FCA regulated firms from December 2019.
New Aggregated Costs and Charges Template / Extended Intelligent Office Integration
Senior Managers and Certification Regime – TISA slides
Alistair MacDougall Compliance SM&CR
TISA has produced a useful set of slides explaining the SM&CR