Suitability reports for defined benefit (DB) transfers should be “90%+ personalised”, according to ex-Financial Conduct Authority (FCA) man Rory Percival, who was speaking at PA360 Digital.
Percival, who now has his own consultancy firm, said suitability reports were a "key area of failings" when it came to DB transfers. He said a suitability report should be highly personalised to individual clients and the more generic information about the transfer process should be given to clients elsewhere. "It's all about personalisation. My view is you can probably get around 90%+ of a suitability report to be personalised to individual clients," he said. "Now you might think that seems ridiculous, you might think 'there's lots of other stuff we need to tell the client', but h...
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