FCA stops short of introducing mandatory standardised fact find
Process too complex
The regulator will not introduce a mandatory standardised fact find process, despite industry concern about the cost involved in assessing client suitability.
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....
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