Suitability – Thematic Review

The FCA is about to embark upon a Thematic Review around suitability. We understand that 700 firms have been chosen at random to take part in the review.

The regulator is currently emailing those firms to give advance notice of information that will be requested.

The review will focus on advice provided in respect of investment, pension accumulation and retirement income with a view to –

  • identifying the ways in which firms provide good advice to consumers;
  • identifying areas where firms in general may not meet regulatory requirements in providing suitable advice to consumers.

We believe that the milestones for the review are –

  • Initial contact with firm – now;
  • Email specifying information required – 18 April;
  • Deadline for information – 3 May;
  • Request for client file(s) – May/June (for most firms only one file will be requested).

 

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

If your firm is chosen to take part in the review, you will already have received an email or will do so shortly. Timescales to provide the information that will be requested are quite tight so some preparation following the first email will be beneficial.

Action Required By You

For information only.

About the Author

Technical Manager - Often referred to as the Oracle or the Sage, Alistair has a wealth of financial services experience. He is our go-to Technical Manager and enjoys nothing more than a complicated conundrum. Feel free to test his renowned knowledge by getting in touch.

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