The Financial Conduct Authority (FCA) has launched an investment advice assessment tool (IAAT) aiming to help personal investment firms understand how it assesses the suitability of their investment advice and disclosures to clients.
The tool excludes retirement income or defined benefit transfer advice, the regulator confirmed. "We are publishing the IAAT to help firms understand the methodology we use in our file reviews of investment advice," the FCA said. The watchdog said it may also be of interest to other stakeholders with an interest in Investment advice, including professional indemnity insurance providers who want to better understand how we assess Investment advice, compliance or legal consultants who want to be better able to support firms responding to our reviews, and trustees and sponsoring employer...
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