The regulator will not introduce a mandatory standardised fact find process, despite industry concern about the cost of assessing client suitability.
The Financial Conduct Authority (FCA) said it had consulted with a range of firms and trade bodies in its work on standardising client information but had concluded the challenges involved in designing an effective process outweighed the potential benefits. Firms had told the regulator as part of its Financial Advice Market Review (FAMR) they would value more clarity on the extent to which they could rely on ‘standardised' client information from third parties to help them make a suitability assessment. They suggested this would help reduce some of the costs associated with providing ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes