Independent FCA suitability file checks
Advisers should have their work checked over to make sure standards remain consistent and high, according to Threesixty Services managing director Phil Young.
Small, independent and directly authorised firms performed slightly less consistently than their larger and restricted counterparts in the regulator’s recent suitability review, but Young argued even a peer-group review can help iron out the rough edges for smaller, independent firms.
“The bit I’m increasingly seeing over the years that has an impact on adviser behaviour is whether there’s an independent ‘second line’ of compliance review brought in,” he said.
Compliance Consultant have also noticed that there are poor standards and these often remain unchecked or reported. Until they get a visit!
Compliance Consultant have also noticed that there are poor standards and these often remain unchecked or reported. Until they get a visit!
We can Help – We can conduct a suitability review check for you at a reasonable cost. Don’t rely on your compliance outsourced service that just charge you a fee and spend a few hours with you each year.
