Menu
Suitability – still the FCA’s hot topic

Hot topic: Suitability in wealth management

“Any successful wealth management service is entirely dependent on providing clients with suitable investment portfolios.

Helping firms to improve their standards on suitability is one of our priorities in supervising the sector.

… many firms still need to up their game – suitability remains one of our main concerns in the sector. “

So said the FCA in a recent regulatory roundup. The regulator has completed three separate phases of work on this aspect over the past six years, culminating in a Thematic Review in December 2015 – see our view here.

Suitability was also the theme of the investment roadshows that the FCA has been conducting around the country. See our summary here.

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

Suitability – still the FCA’s hot topic

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.

Our View

Suitabiliity. It’s the FCA’s hot topic. Make it yours. The quality of every firm’s KYC and advice should continue to be a top priority.

Action Required By You

  • Read the Thematic Review if you have not done so already;
  • Consider your KYC and advice processes. Do they support suitability?

ATEB clients should speak with their account manager as necessary; otherwise contact ATEB here to find out how we can help.

 

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

hmrc

Trust Registration Service – update

Compliance , , , , , , , , ,

New rules, transposing the Fifth Money Laundering Directive (5MLD) into UK law took effect on 10 January 2020. One impact of the rules was to broaden the scope of the Trust Registration Service (TRS) requirements. you can read more about 5MLD and TRS here. In brief, the previous rules required that all express trusts that […]

Read More
Court

The Avacade saga – a summary

Compliance , , , , , , , , , ,

Most readers will be aware of the FCA’s successful legal action in what has been widely referred to as the Avacade case, which is how we will refer to it in this article. In fact, the case was brought against a number of  defendants/appellants, namely:   AVACADE LIMITED (in liquidation) (trading as AVACADE INVESTMENT OPTIONS) […]

Read More
https---s3-eu-west-1.amazonaws.com-fta-ez-prod-ez-images-5-2-0-7-1217025-1-eng-GB-FCA2.JPG?v1

Urgent update: Covid-19 Impact Survey

Compliance , , , , , , ,

We have received the following correspondence from the FCA:     “On 12 August 2021, we sent the below e-mail* informing you of our plans to issue a Covid-19 Impact Survey to firms in Tranche 2 for a fifth time. We have since identified a discrepancy with the survey links (issued between 23-25 August 2021). […]

Read More
https---s3-eu-west-1.amazonaws.com-fta-ez-prod-ez-images-5-2-0-7-1217025-1-eng-GB-FCA2.JPG?v1

CP21/25 – FCA consultation on new decision making powers

Compliance ,

The FCA is consulting on moving some decision-making from its Regulatory Decisions Committee (RDC) to its Authorisations, Supervision and Enforcement Divisions. This will give greater responsibility for decisions to senior members of FCA staff close to the matters. The consultation (CP21/25) has been published and will close on 17 September. In particular, the FCA is proposing a […]

Read More
scales

Managing conflicts of interest

Compliance , , , , , , ,

There is a longstanding regulatory principle (Principle 8) that a firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client. Specific rules give effect to that principle. Some readers will recall the change of emphasis around conflicts of interest rules that arrived with MiFID II […]

Read More
Load More