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.
FCA announce delay to multi-factor authentication
Richard Foster Compliance FCA, protection, Update
We wrote a few weeks ago about incoming changes to how firms access their FCA systems to upgrade data protection. You can read that article here. The new system will replace the current 6-digit passcode with the user needing to log in using a One Time Passcode (OTP). The implementation date of 20th January […]