FCA's Percival: Avoid template objectives in 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. "I see a lot of standardisation and repetition....