The regulator will not issue checklists for advisers to allow them to stick to a particular protocol when assessing product suitability for their clients because they are "counterproductive", technical specialist Rory Percival has said.
Percival told delegates at Distribution Technology's London conference the 'prescriptive' nature of checklists went "against the grain of how the Financial Conduct Authority (FCA) regulates". He said previous experience had shown checklists are "problematic" and "don't cure anything". Advisers at the conference asked Percival for more detailed information on how the regulator wants them to assess suitability in the wake of its due-diligence review published in February. The review had found problems in the way advisers check the suitability of platforms for their clients, with some...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
