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.
RSVP
Paul Jay Compliance EBI, email, FCA
Has Christmas has landed early for those nice people at the FCA? They’ve started issuing invitations! These invitations aren’t for drinks and canapes at 12 Endeavour Square of course, they’re requests for firms to complete surveys. And they are being issued under Section 165 of FSMA. For those who aren’t aware what S165 requests […]