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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Make sure you meet the SM&CR deadlines.
Approvals are currently taking longer than normal.
For information.
It is 2021 and changes are afoot …
FCA publications on Consumer Investments
Alistair MacDougall Compliance 2020, 2021, FCA, Pension, Pension Transfer, PI, SM&CR, Update
The FCA has published three papers giving an insight on what the regulatory focus has been and is likely to be.