Blog: Under strengths, you've put 'advice'

He said that, despite perfectly down-to-earth meetings with clients, during which he will not mention risk scales or say “markets can go down as well as up”, his follow-up letters read like they were written “by a robot”. This is because, he said, the next person to read them may be an Ombudsman or member of the FSA’s treating customers fairly team. And he doesn’t want to give them any free ammunition. It was in 2007 that the FSA said ‘suitability letters’ should be called ‘suitability reports’ and changed its requirement to a less prescriptive, more principles-based approach. But ...