The Financial Conduct Authority (FCA) is to publish guidance for advisers on how to structure shorter and ‘punchier' suitability reports, its head of banking, lending and distribution has said.
The regulator wants to help advisers provide simplified advice more easily and cheaply as a means to close the advice gap, Ed Smith told delegates at the Thesis Asset management conference in Winchester on 21 April. Smith, who headed the secretariat of the Financial Advice Market Review (FAMR), said the regulator will soon consult on guidance for advisers in a number of areas. This was despite FCA technical specialist Rory Percival's previous warning suitability templates and detailed guidance would lead to a tick-box approach in adviser suitability. The FCA was not a prescriptive ...
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