The FCA seem to be pleased with the way firms have responded to previous RDR Thematic Reviews and the improvements seen in the disclosure of services and charges. However, not to be complacent, they remain concerned that a significant number of firms are still failing to disclose the total cost of ongoing services in cash terms, or not providing an approximation of how long services may take when quoting hourly rates.
As a school report would say ‘still room for improvement’.
They also state that ‘When creating and reviewing information explaining services and charges to consumers, there is scope for firms to further consider its prominence, clarity and accessibility (in addition to compliance with the detailed disclosure rules)’. So, is your disclosure clear and transparent, and are all advisers ensuring that clients fully understand your fees and charges?
The research highlighted the importance that customers place on the ongoing service reviews to ensure investments continue to be appropriate for their circumstances. It is essential therefore that you have a robust and deliverable review process.
The Thematic Review paper can be found here and detail on all three reviews to date here.
Be aware that the FCA has no hesitation in sanctioning firms. Recently, following the thematic reviews, one firm that had not sufficiently engaged with the changes that RDR requires was referred to their Enforcement and Financial Crime Division.
New Content Integration with Plannr
Doug McFarlane Suitability 2024, content management, ML, T.Bailey, transfer, Update
We are thrilled to announce that Plannr CRM has been added to our list of integration partners. Presenting a seamless integration between Plannr and ATEB suitability. Improved efficiency in creating suitability reports! Within Plannr, you can access ATEB Suitability directly through your client record and pre-populate your client data within our suitability report writing […]