The Financial Conduct Authority (FCA) is consulting on removing its requirement to conduct annual suitability reviews for firms offering ongoing advice services.
In the regulator's simplified advice consultation released yesterday (25 March), it proposed moving from requirements to offer annual to periodic suitability reviews. Instead, firms providing an ongoing advice service will instead be subject to conduct "periodic" suitability assessments. The FCA said firms will be required to determine the most appropriate review frequency based on an assessment of customer needs and circumstances, in keeping with Consumer Duty. As part of its consolidation proposals, the regulator has also proposed removing the requirement for suitability reports ...
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