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).
Model behaviour
Alistair MacDougall Compliance Drawdown, EBI, FCA, ML, PI, Switch
The advent of Consumer Duty has catalysed a lot of focus on fair value, or at least a lot of chat. Anecdotal evidence would appear to suggest that many firms may not have made any material changes to their charging structures. However, a recent survey by Schroders gave rise to a headline in the financial […]