If you have been contacted by the Financial Conduct Authority (FCA) regarding a Suitability audit, this article should help you prepare for it. The FCA will be reviewing your firm’s processes relating to the due diligence (including research) undertaken to ensure that customers are sold suitable products and services. This will include (but is not necessarily limited to) the way in which firms filter products/funds/ services and ensure that they understand the features and associated products and services they recommend. This is seen as key to the provision of good advice. If past reviews are anything to go by, there will be two stages to the assessment:
The purpose is to understand how the firm approaches due diligence, including research, for the products and services recommended.
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