The FSA has published new tools to help advisers assess customer needs, communicate with customers (suitability letters) and manage information.
The tools include factsheets, self-assessment tools and prompts for advisers. They were developed following consultation with a number of firms and were road tested on 60 companies.
The launch follows thematic work last year which looked at the quality of advice processes in financial advice firms. It identified key areas firms should focus on to get advice processes right and treat their customers fairly.
Advisers can access the tools now on the FSA’s small firms web pages.
The FSA has already introduced targeted information and resources for small firms. These include small firms application packs, a single invoice for all fees, payments by instalments, e-learning packages, a more targeted website for small firms (www.fsa.gov.uk/smallfirms), roadshows, surgeries and improvements at the Firm Contact Centre.
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‘Most significant’ upgrade since launch
Changes happening over coming months
Had accepted British Steel business
Aimed at HNW clients and family groups
Set for 1 April 2019