Moves by the Financial Conduct Authority to drop mandated annual client suitability reviews for firms offering ongoing advice services is a “watershed moment”, Keith Richards has said at PA360.
Speaking today (23 April) at PA360, Consumer Duty Alliance CEO Richards told delegates that the regulator was taking positive steps that will boost the financial advice profession and make advisers' lives easier. The regulator's simplified advice consultation, released on 25 March, proposed moving away from requirements to conduct annual reviews. Instead, firms providing an ongoing advice service will be required to conduct "periodic" suitability assessments. It will be up to firms to determine the most appropriate review frequency based on an assessment of customer needs and circumst...
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