Rory Percival: Client files must include 'colour and detail' to satisfy FCA

Put detail in suitability reports

Hannah Godfrey
clock • 2 min read

Advisers should add colour and detail to client files because the regulator wants to get a feel for the person behind the report, former Financial Conduct Authority (FCA) technical specialist-turned consultant Rory Percival has said.

Speaking at the Great Pension Debate II in Port Talbot, the ex-FCA man gave delegates a glimpse into the mind of the regulator. He told the room the biggest single thing advisers need to do to improve their reports is adding more "colour and detail" about clients. "The regulator is looking to be able to see a real person when they look at files, what they are trying to achieve, what their life is going to be like, and they want to be able to see that reflected in the fact find and in the suitability report," he said. "Does the suitability report sound believable?" Percival showed...

To continue reading this article...

Join Professional Adviser

  • 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.

Join

 

Already a Professional Adviser member?

Login

More on Adviser tips

PA Awards 2023: Is your advice firm an industry standout? Enter now!

PA Awards 2023: Is your advice firm an industry standout? Enter now!

The Professional Adviser Awards will take place on 25 April in London

Professional Adviser
clock 25 November 2022 • 2 min read
Editor's View: The 2022 Autumn Statement in the spotlight

Editor's View: The 2022 Autumn Statement in the spotlight

The editor's Friday Night Takeaway from 18 November

Hope William-Smith
clock 18 November 2022 • 2 min read
Chancellor Jeremy Hunt

Autumn Statement 22: Ten key takeaways for advisers to consider

A look at the changes that will affect your work and business

Elliot Gulliver-Needham
clock 18 November 2022 • 4 min read