Truly terrible due diligence could even lead to the FCA deciding you are not a “fit and proper” person and banning you from offering financial advice in the future.
With an ever growing list of regulatory requirements, effective due diligence processes should remain top of an adviser’s priority list. This guide explains how to research what is available for your client, how to explain the risks and rewards offered by products, when to conduct reviews and how to pull together suitability letters.
Additional material supplied by the Financial Conduct Authority; Simon Thomas, head of policy for Tenet; Rebecca Prestage, head of policy of The Consulting Consortium; and Stephen Gazard, managing director of Sesame Bankhall Group.