Suitability: FSA to commence further thematic work
Wednesday 5 September 2012 12:27 PM
Following the 'Dear CEO' letter
concerning Suitability sent to Wealth Management firms by the FSA in June, the regulator has started a further phase of thematic monitoring.
"We will be interviewing key individuals from firms that formed part of our previous work to review the approach their firms have taken to remediate problems identified in their client portfolios, and in particular whether they have taken sufficient steps in identifying and dealing with past detriment that consumers may have suffered. Following these interviews we shall consider whether we need to take further regulatory action
The FSA will focus on "making judgements on the suitability of client outcomes, but also complementing this approach with a direct assessment of firms’ systems and controls. We will be acutely interested in whether firms have heeded the warnings and concerns contained within our previous communications
To read the FSA Statement in full click here
To find out how CTP can help with Suitability or FSA visits please call us on 020 3170 5779