Paraplanner insight: What the FCA really wants from suitability reports

Cathi Harrison outlines tips for advice firms

clock • 3 min read

What exactly does the FCA want from advice firms when it comes to suitability reports? Cathi Harrison looks at the key themes to emerge from the regulator's Positive Compliance workshops ...

The Financial Conduct Authority (FCA) is in the process of gathering 1,000 client files from about 700 advice firms, in an exercise focusing on the suitability of advice. While the file requests are mainly targeted at 500 smaller firms, larger firms will have to provide a greater number of files, which should reflect the business's market share. The reviews are expected to centre around assessing suitability, including copies of suitability reports and the way firms document their investment and research processes. Initial commentary suggested the FCA would follow this up with some...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA continues data reporting cuts

FCA continues data reporting cuts

Regulator removes more data returns

Isabel Baxter
clock 28 August 2025 • 1 min read
Regulatory and employment-related changes – what do firms need to prepare for?

Regulatory and employment-related changes – what do firms need to prepare for?

‘Getting these issues right is not just about avoiding regulatory action or tribunal claims’

Sophie White
clock 21 August 2025 • 4 min read
FOS fees could fall if cases resolved early

FOS fees could fall if cases resolved early

Consultation seeking to modernise charges

Jenna Brown
clock 13 August 2025 • 2 min read