While the principles of advice suitability are not complicated, the regulations are. It is the application of these regulations that can give your firm a big headache.
With many services, new products, varied client profiles and fallible advisors, the potential for you to fall foul of the regulator is very real. The fact is staying compliant is a constant challenge.
How does your firm assess the quality of advice? How is this documented and then reported in your MI? And how does that inform policy, processes and activity in your firm?
Suitability is high on the FCA’s agenda
In a recent Quality of Advice review, the FCA noted: “In approximately half of firms reviewed the quality of advice was not monitored. It was also common for firms that obtained some form of management information not to act on it.”
Making mistakes can be very costly. Apart from potential fines from the regulator, paying redress to disgruntled customers and the cost of re-training your advisers, the media coverage alone can ruin your business.
The smart way to stay compliant
With regulatory knowledge and industry expertise, we help you develop smart policies and robust processes – so you can be sure your team are always offering suitable advice.
Qualified to the highest levels, our quality assurance team provides you with support across a wide range of business areas, such as: mortgages, savings, investments and pensions.
How do we make life better for you?
Independent assessment of your files – It’s easy for commercial pressures to adversely affect the suitability of advice given. With an objective eye, we see things as they really are (the same way the regulator does).
Get processes that withstand scrutiny – Where processes fail to meet the FCA’s standards we help you plug those gaps. The result is smarter customer profiling, more appropriate advice and the increased ability to demonstrate suitability.
Expert advice whenever you need it – Whether it’s monthly, quarterly, or for one-off projects, our experienced consultants will be there to support you. When everything changes (because everything changes), we’re the one constant you can rely on.
We take away the compliance headache – With all the busy day-to-day demands on your teams, why not let us do the regulatory hard work for you? We familiarise ourselves with your business quickly, simplify complex regulations and reduce the burden on your people.
Get a solid and consistent approach to suitability across your firm and gain the peace of mind that comes from a FSTP suitability audit.
To discuss next steps, please call us today on 0203 178 4230. Or email firstname.lastname@example.org.
Please get in touch today. We’ll quickly discuss the challenges you’re facing and explain how we can help you.
0203 178 4230
“FSTP have worked with us for many years on training and compliance issues and recently undertook a project to help our Financial Planners on suitability. The work was highly professional, well planned and we achieved exceptional results.”
Karen McCaffrey Dip PFS
JLT Wealth Management
Highly experienced consultants
We only provide sector specialists with experience at the highest levels in the industry. With our finger constantly on the regulator’s pulse, you can expect knowledgeable and up-to-date advice.
We’re always easy to work with
This is often underrated, but it makes a difference. We quickly get a feel for your firm, working with not against your team. It means we get the job done without friction and without fuss.
Advice tailored to your business
You need consultants that get your business, not just financial firms in general. So we first understand the specific needs and nuances of your firm, resulting in more relevant, practical and effective support.