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”.
FCA expectations – temporary long term absence
Richard Foster Compliance 2020, 2021, Certification, Conduct, Directory, FCA, PI, Register, Senior Manager, transfer
Following consultation in CP20/23, which was published in December 2020, the FCA has made changes to the Handbook. The affected sections are: SYSC 25.4 FIT 1.3 SUP 10A.14, 10C.9, 10C.10, 10C.11, 10C.14, 10C Annex 2G and 10C Annex 6R Form D In summary, the changes to the Handbook are intended to reflect the FCA’s […]