Probably the single most important aspect in report writing is relating your recommendations to your client circumstances and because no two clients are the same then your reports need to be unique. There will be elements of standardisation but by building your reports with unique content you will be reducing compliance risk and making it more relevant to your client and in turn it make it easier for your client to comprehend your advice.
The FCA rules do state that a suitability report should explain why the firm has concluded that the recommendation is suitable for the client having regard to the information provided by the client, so please do relate your recommendations specifically to your clients circumstances and keep them ‘Unique’.
FCA provide guidance on SMF16/17 appointments
Richard Foster Compliance FCA, ML, PI, training
Firms should have heads of compliance and money laundering reporting officers (MLROs) who are suitably competent and capable of effectively performing the roles. It is appropriate to carefully consider how individuals can demonstrate this ahead of seeking regulatory approval. The FCA have recently issued guidance which should help firms decide if an individual candidate is […]