Guidance

Key findings from FCA’s ongoing advice review

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.

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 first of this five-part mini-series, Garry asks David what the key findings for firms are to consider as a result of the FCA release. Watch part one now to learn more or read the transcript below.

Watch part one:

Supporting sources

  1. FCA finds vast majority of ongoing suitability reviews delivered

Frequently asked questions

What were the main findings from the FCA’s ongoing advice review?
The FCA’s findings were broadly positive, with no indication that a mandated industry-wide past business review will be required. However, firms are expected to take action where clients have not engaged with the annual review process or were not invited to participate.
Which clients should firms focus on following the FCA’s review?

Firms should focus on two groups: clients who did not engage with their annual review when invited, and clients who were not invited to engage in the review process at all.

Does the FCA’s review mean more work for firms?

Yes. While the overall outcome is positive for the sector, firms will need to identify and contact affected clients to ensure their ongoing advice review processes remain effective and compliant.

Reviewed by TCC Group Editorial Team

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