Investment advisers still need to make "substantial" improvements in demonstrating the suitability of their advice, despite a series of warnings, the regulator has found.
In the findings of its thematic review into the suitability of investment advice, the Financial Conduct Authority (FCA) said "a number" of firms have taken steps to improve and demonstrate that their clients' portfolios are suitable. But many firms still have to make substantial improvements in gathering, recording and regularly updating customer information to support the investment portfolios they manage for customers, it said. Firms also need to do more to ensure that the composition of the portfolios they manage truly reflects the investment needs and risk appetite of their custom...
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