Financial Conduct Authority (FCA) technical specialist Rory Percival has hinted the regulator and ombudsman are working to agree on guidelines around suitability reporting.
Percival had told delegates the Distribution Technology conference that shorter, simpler suitability reports should not necessarily hinder a firm from defending complaints at the Financial Ombudsman Service (FOS) This suggests reports containing a raft of clauses designed to "cover the firm's position", which are taking up increasing amounts of time for advisers and wealth managers - are not always necessary. But an adviser in the audience pointed out he had evidence to prove the FOS had been interpreting FCA rules differently to the regulator and the firm, making it difficult to scal...
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