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).
Do you mark your own homework?
Paul Jay Compliance assessment tool, Conduct, DB Pension, DBAAT, Defined Benefit, FCA, FOS, Pension, PI, Senior Manager, SM&CR, Switch, transfer
Most firms will have at least vague recollections of the FSA’s thematic review of pension switching and the report it produced in December 2008. It produced a flurry of activity, but as time has elapsed it has perhaps become a distant memory, despite the high volumes of replacement business that have been and continue […]