We have just recently carried out an annual portfolio review for a client which required some rebalancing of their investments. It also included back to back Isa applications, a move over to explicit pricing on all their funds and setting up their income withdrawal for the next year.
The bewildered client had to receive 182 A4 pages. SIDs, Fund Fact Sheets, applications forms, declarations, suitability letter etc. And this excluded the initial disclosure documents. There was nothing that we could have left out without the sale being non compliant.
So what would the FCA have us not provide? SIDs, Conflict of interests declaration, suitability letter? Which part of EU law would they like us to ignore or not highlight to the client?
And having provided that guidance would they like to indemnify us against future retrospective reviews by the FCA or claims from disgruntled clients? I totally agree with the sentiment but I have long suspected that the FCA do not understand how much information we actually have to give. A few years ago, the best practice guidelines for suitability letters were pathetically naive.