Suitability – still the FCA’s hot topic

13 June 2016 Alistair MacDougallCompliance

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

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

About the Author

Contact Us

Brought to you by

Explore more articles in this category

SM&CR training

Alistair MacDougall Compliance FCA, SM&CR

During a recent workshop, the FCA commented on SM&CR training. They do not believe that some e-learning or short generic training meets their requirements. We believe that this is primarily a reference to the need for all staff to understand the intention of the SM&CR to move firms to a culture of accountability at all […]

28 April 2020

FOS limit changes

Alistair MacDougall Compliance 2019, 2020, complaints, FCA, FOS, PI

On 1 April 2019, the FCA increased the Financial Ombudsman Service’s award limit from £150,000 to £350,000. This applies to complaints referred to the Ombudsman service on or after 1 April 2019 about firms’ acts or omission on or after that date. The limit for complaints referred to the service on or after 1 April […]

white-red-and-blue-flower-petals-3993212

28 April 2020

COVID-19 and vulnerable customers

Alistair MacDougall Compliance 2019, 2020, COVID-19, FCA, PI

Some readers might remember that the FCA issued a guidance consultation paper in July 2019, GC19/3 – Guidance for firms on the fair treatment of vulnerable customers. The consultation closed in October and final guidance was expected to be published early 2020. That has now been deferred, with no timescale indicated for its publication. Another casualty […]