IFA bids to scrap written suitability reports

Phil Castle of Financial Escape said written reports have become nothing more than a "backside-covering exercise" and argues binning them altogether could save advisers up to a day a week. The regulator is yet to respond to Castle but he said he would be surprised if it responded in the negative as it is promoting a principles-based regime. "The perception in the industry is that you must write suitability reports," he said. "I hate writing them. "I think it is a backside-covering exercise the industry has got itself into as a result of complaints over the years. "It has got itself ...