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FCA prepares fresh suitability publication as firms receive feedback on client files


The FCA has told each of the 690 firms involved in its review of advice suitability what they have done well and poorly in the client files they submitted.

The regulator has finished analysing more than 1,000 client files as part of the review, Money Marketing understands, and has sent feedback letters identifying particular issues with individual files, as well any strengths the files show.

It is understood that no firms directly involved in the review that have received specific feedback on their files have been referred for further enforcement action.

The FCA now intends to publish its wider findings from the review at the end of the first quarter of the year or the beginning of the second.

Last week, Money Marketing revealed that a total of 1,166 client files were requested by the regulator – 401 on non-pension investment, 386 on pension accumulation and 379 on pension decumulation – with larger firms having to provide a greater number of files.

Only one of the files was not provided.

The files were chosen after firms completed an “advice register” detailing all personal recommendations throughout 2015, as well as a survey splitting advice in to different categories.

Around 450 advisers called an FCA ‘hotline’ over the duration of the review for advice on submitting their files to the regulator.



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There are 2 comments at the moment, we would love to hear your opinion too.

  1. I have just checked with the FCA and it is only just starting to send these letters out – ours for example should be here in the next week

  2. we’ve seen a few this morning at ifac

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