From the horse's mouth: Six edicts from the FCA's Rory Percival

Laura Miller
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Advisers often bemoan the regulator for failing to tell them what it wants. But in the first half-year its technical specialist and all-round public face of the FCA, Rory Percival, has tackled at least six key issues. Do you really want to hear from him more than once a month?

  Edict 1) Dump copy-paste suitability reports "Let the adviser fill in a personalised report based on the client," he told delegates at a conference held by discretionary investment manager Thesis Asset Management. "My suggestion is don't have any template objectives in suitability reports. That is the best defence against us, the Financial Ombudsman Service and complaints. "Where you've shown it's more suitable for that individual client you're going to have a better defence." The increased standardisation of suitability reports is a concern for the regulator, Percival added....

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