Wealth managers rail against 'crippling' suitability requirements

Under existing FCA rules, firms have to provide suitability reports to every retail client to whom they make a personal recommendation. A number of firms have gone further, instigating suitability reviews encompassing their entire business. Concerns have been raised as the FCA prepares to provide more detail on how the industry is dealing with the issue. The watchdog has been visiting firms this year, and will publish a thematic review on due diligence in 2015, encompassing suitability requirements. Existing demands are proving testing for wealth management firms, however, with some f...