Its pretty obvious really, but the requirement to demonstrate that you know your customer is a fundamental rule requirement. You may not be surprised to know that FCA thematic reviews continue to find that standards in this respect are not what they should be.
While this information should be gathered at the fact finding stage of the sales process, ATEB suitability provides the facility to summarise the KYC information and to integrate with back office systems so that the data can be pulled through automatically.
Consumer Duty – Are you a manufacturer?
Alistair MacDougall Compliance 2017, 2022, Conduct, FCA, PI, platform
In our article last week, we highlighted the deadlines for implementation of Consumer Duty – 30 April and 31 July … … the rules for existing products and services take effect on 31 July and the earlier deadline of 30 April is for Manufacturers to have completed some preparatory work. Hard on the heels […]