Advisory firm managing director Andy Wealthall looks at annual suitability reviews and says the profession needs to 'tread carefully' after the latest regulatory intervention on the topic
I can see why the Financial Conduct Authority is looking at removing the mandatory requirement for an annual suitability assessment. Some are happy with a phone call. Some prefer digital communication. Some only really want to engage when something changes in their lives. However, flexibility is fine, but lower standards aren't. Advice has evolved and the way we review clients should evolve too, but we need to be careful not to confuse flexibility with less oversight. At its heart, ongoing advice is about making sure clients stay on track and that the advice they received remains appr...
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