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.
FCS Transitional Arrangements
Steve Bailey Compliance Update
As you will be aware the Financial Services Authority ceased to be and the Financial Conduct Authority took over the regulation of financial advice firms on 01 April 2013.
The FSA issued PS13/05 last week which includes updated rules and transition arrangements. The policy statement itself is 88 pages but the ‘appendix (3)’ that accompanies it is a mere 1990 pages so you must excuse us for not as yet absorbing every word. The document can be seen here.