Chris Davies: Improving Advice Suitability

The assessing suitability review showed that 93% of advice complied with the rules on suitability (split 7% networks and 93% directly authorised) but this figure was weighted towards simpler areas of advice. When the FCA looked at more complex issues - non-workplace pensions, for instance, and both pension- and non-pension-related investment products - the figures were not so positive. For example, only around half (50%) of the advice given on defined benefits pension transfers was deemed suitable. Here, the potential for consumer harm is high. There was also the issue of cost and cha...