Recordusure’s Chief Product and Commercial Officer Garry Evans catches up with TCC’s regulatory expert and Technical Director David Boyhan to discuss the FCA’s release of its findings into its recent ongoing advice review.
David specialises in wealth management and helps us unpack what firms should know about the latest FCA’s publications regarding ongoing advice services.
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:
Garry
Why don’t we start with a bit of summary of the key findings from the FCA’s review?
David
Yes of course, Garry, I think that’s always a good place to start. And I’m pleased to say that the headline news from the findings is generally positive and certainly better than many people predicted.
I think it’s safe to say there’s not going to be any mandated industry wide past business reviews which has to be good news for the sector. That said, there is certainly work that firms will need to do going forward and that specifically they liaise with two groups of clients.
So the first group of clients where work needs to be undertaken is for those who have not engaged in the process which the FCA found about 15% of clients due an annual review haven’t engaged. So firms are going to have to do work with those firms. And also, there’s 2% of clients who have not been invited to engage in a process full stop. So, firms will need to go back and identify those clients as well. In summary Garry, I think the findings are positive but there’s certainly work for firms to do as well.
Garry
Thanks, David.
Watch the full Compliance Q&A video:
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