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.
IFPR – are you ready?
Paul Caine Compliance 2021, email, FCA, MiFID, PI
The Investment Firms Prudential Regime (IFPR) represents a significant upheaval to the rules around prudential requirements for “FCA investment firms”. Broadly speaking, the new rules aim to simplify the current requirements, bringing all MiFID investment firms under a single regulatory regime. Which firms does the IFPR affect? The IFPR will affect a range of FCA […]