Menu
Know Your Customer

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.

Don’t forget to check Our View about this article and the Actions Required By You

Know Your Customer

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

SUIT - Beautiful Reports
CREATE BEAUTIFUL
SUITABILITY
REPORTS
TRY IT FOR FREE
SUIT - Complete Control
TAKE BACK
CONTROL OF YOUR
SUITABILITY REPORT
PRODUCTION
TRY IT FOR FREE
SUIT - Comp confidence
SUITABILITY
REPORTS
WITH FULL
COMPLIANCE
CONFIDENCE
TRY IT FOR FREE
previous arrow
next arrow

About the Author

Contact Us

Brought to you by

Explore more articles in this category

Other articles that you might be interested in

Dark_wall_just_ateb_signage

Ukraine – 10% drop reporting

Compliance , , , ,

The current hostilities in Ukraine have caused significant market drops and may continue to do so. Accordingly, a reminder about the 10% drop reporting requirements is timely.   Readers will recall the early days of the Covid pandemic in 2020 caused a period of market volatility that necessitated issue of 10% drop notifications to clients. […]

Read More
Crop black woman typing on laptop in light room

Platform switching – is a suitability report required?

Compliance , , , , , , , , ,

Platforms play a big part in the investment process of most UK firms. According to Defaqto, 94% of advisers place 50% or more of their new business on a platform, while as many as 20% choose not to place any client assets off-platform at all. That being the case, it is no surprise that the […]

Read More
Accuracy afternoon alarm clock analogue

Is now a good time?

Compliance , , , , , , ,

The tentative question posed in the heading to this article refers to the vagueness of the rules around when disclosure should be issued to clients. We have written about this before, most recently in connection with the Personalised Charges Communication that is now required to be issued to clients when full pension transfer advice is […]

Read More
Blur chart check up curve

Pension Transfers and Serious Ill Health Lump Sums

Compliance , , ,

We often see pension transfer cases where the client is in ill health and with this as the primary driver for transferring away from a defined benefits scheme, i.e. to make available a lump sum benefit in the event of death rather than the scheme dependants’ pensions. While this can be a strong driver for […]

Read More
survey

Discounting advice options

Compliance , , , , ,

A question that pops up from time to time is whether there is a need to discount potential options that are not being recommended. This was something that, in the early days of regulated advice,  a few firms used to require advisers to include in suitability reports. Some still do. However, there has never been […]

Read More
Load More