Client’s own words (COWs).
This is a powerful and effective way of personalising suitability reports. When you gather know your customer (KYC) information (see ‘K’ blog post) try to record some of the client requirements and objectives using their own words, so that you can repeat the quotes back to the client in the reports.
This provides the ultimate in personalisation and is a great way to cement recommendations.
If you can quote something like
“Both you and Beth want to use you maximum ISA allowance for the next 7 years (when you plan to retire Tom) for the purpose of supplementing your retirement income but also to buy that camper van you’ve always wanted and fulfil your dream of driving around Europe”.
Consumer Duty: It’s a matter of Principle
Huw Reynolds Compliance Conduct, FCA, PI, protection
Apologies for the Consumer Duty overload but unless you’re taking a regulatory sabbatical, this is very much a hot topic. There are in excess of 50 FCA Handbooks (rules and guidance). You cannot be expected to be conversant with all of them, but you should have a good handle on the key ones, such […]