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World Class Files: A Guide

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Suitability is assessed by looking at more than just a suitability report, but many advisers still feel they need to feed everything but the kitchen sink into one. The FCA will look at a whole file when completing an assessment of a files suitability.

With the implementation of the new Consumer Duty, firms are using this as an opportunity to reflect on their processes, looking at every stage of the advice journey. much or the product and services and price and value outcome is looked at from a senior management level, looking at charging structure for the firm and the product and service proposition.

Focusing down the advice process line and the ‘recommendation’ brings the consumer understanding outcome to the forefront, with a key part of this being suitability reports.

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