Has the report been approved by the FCA? Print
Modified on: Thu, 16 Aug, 2018 at 12:17 PM
“..The FCA do not provide templates for you because each customer’s circumstances are unique. You are in the best position to reflect this in a well constructed and personalised report, which clearly explains why and how your recommendations meet the customer's needs….”
“...A good suitability report is concise and easy to understand. It gives a reasoned explanation of the risks and a reasoned selection of product and product provider information. It explains the risks that are specific to the client's circumstances and the product. The report repeats the main elements of the discussions that have taken place between the adviser and client..."
What's more the FCA are deliberately non-prescriptive about the exact structure and content of a suitability report. They take a more principles-based approach, leaving it up to you to achieve a standard that is acceptable. Having said this they do continue to provide a raft of guidance through a number of different channels including COBS 9.4, the FCA’s Principles, the positive compliance workshops, general guidance notes and their Suitability Report Factsheet. Suffice it to say - Genovo is kept bang up to date with all of these, as well as any changes in legislation and best practice.
Did you find it helpful?Send feedback
Sorry we couldn't be helpful. Help us improve this article with your feedback.