The Financial Conduct Authority (FCA) wants suitability letters to be customer focused, not geared to protecting the firm's position, and short. But that is virtually impossible, say advisers
Damned if you do, damned if you don't, is the feeling many advisers have towards the FCA. There is certain information the regulator wants clients to be given as part of their suitability letters. That includes a breakdown of fund charges, details of funds and why they were chosen. Now technical specialist Rory Percival has told the industry there are only three things suitability letters must typically contain. These are the client's objectives, why the recommendation is suitable and what the disadvantages of the recommendation could be (unless it is a more complex area such as dr...
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