When it comes to risk profiling senior managers should take responsibility for consistency across the business, ensuring the process remains fit for purpose and that staff are following the process as intended, writes Julie Hardie
The Financial Conduct Authority's (FCA) thematic review of retirement income advice has put client risk profiling tools back into focus. Firms are revisiting their processes to ensure that clients with an income objective have their risk profiles accurately assessed. If your firm is amongst them, now might be a good time to consider the FCA's broader views on risk profiling tools. The FCA expectations Under COBS rules, firms must ensure that all tools used when assessing suitability (including risk profiling tools) are fit for purpose and any limitations are mitigated through the su...
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