The FCA wouldn’t endorse any suitability report software or templates. As they say on their website:
“..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 9.4.7R;
- FCA Factsheets;
- FCA best practice guides; and
- General guidance notes following supervisory activity.
Suffice it to say Genovo is kept up-to-date with all guidance. We’ve even created a helpful best precative guide that summarises this guidance in one quick reference resource. You can download it here.