Is good advice compliant advice? Proof of suitability is now obligatory – so how do you ensure that you have the evidence?

Financial Advisory

Financial Advisory

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Moderator:Rod Bryson – Capgemini Consulting

Expert: Eric Armstrong – Synaptic Software

 

Finding 1:

Advice/Suitability is a moving target given the FCA guidelines and F.O.S. interpretation can differ.  It makes it very difficult to rely on key aspects so there is always a worry around suitability and having the right evidence.

Finding 2:

Most professional firms have got processes and systems in place and are happy that significant coverage is now in place to the best extent possible.

Finding 3: 

Not one system can cover suitability; there is a real fragmentation of different systems and processes.  The challenge is there is a lot of the time and effort taken by forms to link the different systems together across the active suitability process. No one system does this fully. Even good systems don’t take everything into account.  

Finding 4:

 It is important to keep focus on the client and listening to client needs.  It’s not just about the processes and systems.  Often it can be lost and it is important that advisers keep things simple in order to keep suitability simple and deliver effectively on a content basis.
 
 

 


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