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

Expectations

PS21_5 General Insurance Pricing Practices Market Study – implementation timing update

Compliance , ,

The FCA has issued an addendum that delays the implementation of the rules relating to premium finance disclosure from 01 October 2021 until 01 January 2022.  The updated article can be found here https:/ps21_5-general-insurance-pricing-practices-market-study  

Read More
Food healthy leaf pineapple

Fund managers falling short on assessing the value of their funds

Compliance , , , , , ,

One of the issues identified in the FCA’s Asset Management Market Study was a lack of competition among fund providers on fees and charges. The regulator’s response was to create new rules requiring authorised fund managers (AFM) to conduct an annual assessment of value (AoV) of their fund. The requirements are set out in COLL […]

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

Implementation of Investment Firms Prudential Regime

Compliance , , , , ,

The FCA has published policy statement PS21/6 – Implementation of Investment Firms Prudential Regime (IFPRU).     The policy statement alone fills 123 pages with an additional 237 pages of near final rules and form templates. By any measure this is a hefty document, and it is absolutely stuffed with jargon and snappy yet baffling […]

Read More
Product Enhancements

Template Updates including ‘Whole of Life Cover’ Considerations for Defined Benefit Scheme Transfer Recommendations

Suitability , , , , , ,

We completed the latest upgrade to ATEB Suitability on 9th July 2021. This update comes at no additional cost and provides various template & content management enhancements as well as performance improvements when recommending/reviewing multiple investment/retirement plans. Full details of the enhancements can be found in the tables below, but some of the highlights are: Upgraded […]

Read More
Man people woman street

What can you really do to support vulnerable clients?

Compliance , , , , , , ,

Following consultation, the FCA published final guidance on vulnerable clients in February 2021 (FG21/1). We wrote about this topic and the regulator’s guidance as it arose. You can read those previous articles here and here.   In our February article, we overviewed the final guidance, the definitions around vulnerable clients and how to identify them. […]

Read More
Load More