What happened?
Following the FCA’s release of its findings into its recent ongoing advice review, TCC’s Chief Product and Commercial Officer Garry Evans catches up with our Technical Director David Boyhan – who specialises in wealth management to unpack all the detail.
In the third instalment of the five-part mini-series, Garry asks David how firms should be considering the suitability and quality of their advice in relation to the review’s findings. Watch part three now to learn more or read the transcript below.
Watch part three:
Frequently asked questions
How did the FCA's thematic review of ongoing advice differ from advice suitability checks?
The FCA’s thematic review focused primarily on service delivery—whether annual reviews actually occurred—whereas suitability checks look at the qualitative standard and appropriateness of the advice itself.
Why are 'no change' reviews considered higher compliance risk?
Annual reviews that result in no changes to a client’s portfolio require strong justification to prove that the ongoing fee remains fair value and that the adviser actively evaluated the client’s circumstances.
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Reviewed by TCC Group Editorial Team