What exactly does the FCA want from advice firms when it comes to suitability reports? Cathi Harrison looks at the key themes to emerge from the regulator's Positive Compliance workshops ...
The Financial Conduct Authority (FCA) is in the process of gathering 1,000 client files from about 700 advice firms, in an exercise focusing on the suitability of advice. While the file requests are mainly targeted at 500 smaller firms, larger firms will have to provide a greater number of files, which should reflect the business's market share. The reviews are expected to centre around assessing suitability, including copies of suitability reports and the way firms document their investment and research processes. Initial commentary suggested the FCA would follow this up with some...
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