The FCA employs a principle based approach to regulation. Principle 7 states that “A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.”
This is a fundamental cornerstone required of all client communication.
While some degree of technical information is inevitable, your suitability reports should nevertheless be easily understood. One effective way to test the clarity of your suitability reports is to ask a friend or family member, who has no financial services experience, and who is more likely to provide frank observations, to read and to provide critical feedback.
Have you advised on British Steel pension transfers? Action required!
Paul Jay Compliance 2016, 2018, FCA, Pension, Pension Transfer, protection, transfer
Firms who have advised clients to transfer away from the British Steel Pension Scheme (BSPS) should be well acquainted with the content of PS22/14 by now … … but some don’t seem to be aware that they need to have completed some key activity for clients in scope of the redress scheme. The BSPS […]