FCA stops short of introducing mandatory standardised fact find

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 effective processes 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 a...