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Hundreds of advisers call FCA ‘hotline’ over suitability review

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Hundreds of advisers have contacted the FCA as part of its review of advice suitability.

The FCA set up a “hotline” style channel through which firms could contact the regulator if they had any queries or concerns, Money Marketing understands.

The regulator has now spoken to around 450 advisers by phone as part of this initiative, not including any outgoing calls made by the regulator, an FCA spokeswoman said.

Around 700 firms, including 500 smaller IFAs, were part of the regulator’s original sample as it looked to collect around 1,000 client files to assess the suitability of the recommendations.

The regulator asked firms to list a year’s worth of recommendations, as well as to divide business into non-pension investments, pension accumulation and retirement income categories.

The FCA says it has not conducted any advice firm visits specifically as part of the suitability review so far.

It is understood that the regulator has now finished collecting data as part of its review.

However, it is still unclear when or if the results will be published and in what format they will be released if they are made public.

The FCA originally said it would contact firms for which files it would like to review in May or June last year.

The FCA has had advice suitability in its sights since its 2016-17 business plan, which said that making sure “advice is of appropriate quality and suitable for consumers’ needs” was one of the five key outcomes the advice market should achieve.

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  1. Trouble is, we have to put up with a patently unsuitable regulator.

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