We believe that if a recommended product isn't covered by the FSCS and the lack of coverage can be regarded as a disadvantage, then according to COBS 9.4.7 paragraph 3, it must be mentioned in your suitability report. To this end you'll find an option in the Key Disadvantages and Tax Implications step of various recommendation sections....


 

Note that the lack of FCSC coverage isn't necessarily a disadvantage. For example, it's not an issue for a recommendation for an NS&I product due to the backing from HM Treasury.


However in our view, mentioning FSCS coverage as a positive feature of a plan is not required and therefore you wont find any boilerplate content relating to the FSCS in a standard Genovo report. Being perfectly honest, we’re not aware of any FCA requirement to include this information in a suitability report.


In fact, we believe this is the kind of information that the FCA is actively trying to discourage as it is typically referenced elsewhere (e.g KFD), and therefore only serves to bulk out the report.


However, as you know, Genovo is very customisable and if you want to add some additional custom content about the FSCS into your report, we would suggest that there are two ways you could achieve this.


1. Create a custom section


Using the Report Section Manager, you can create a custom section and save your content within it.  On creating a section, you can configure:

  • Which Report Type(s) it's included within.
  • It's location within the Report Builder.


We would suggest including the section in the 'Sections dropdown menu' so you (and your users) can add it into your reports when it's required.


2. Create a custom snippet


Alternatively if you want the content to be included in all your reports, you could use the Report Content Manager to create a custom snippet and add the content in there. 


Given you're likely to want this the content to come out in all reports, you will need to add the snippet to a section that gets included as standard in all reports i.e. the Introduction section or Important Information section. 


When creating your custom snippet, you will also be prompted to select which Report Types(s) it comes out in.