How would you respond if the Regulator were to ask you to review the suitability of advice via digital channels?
The past couple of weeks have seen a series of articles about the FCA’s decision to take a serious look at the suitability of advice regarding the management of customer behaviour analytics. The headlines have included:
- FCA in mass file check to review advice suitability
- What the FCA wants to see from advisers on suitability
The FCA has started to contact firms; the scope includes pensions, savings and investments. The FCA plans to look at Customer files.
The Regulator has also requested copies of registers of personal recommendations of all advice provided during 2015. It is expected that the file review will look at copies of suitability reports to assess the suitability of the advice.