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...
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