FCA demands firms improve product information for advisers

• have in place systems and controls to manage adequately the risks posed by product design.

In terms of providing information to distributors, a firm should ensure the information is sufficient, appropriate and comprehensible in substance and form, including considering whether it will enable distributors to understand it well enough to give suitable advice.

A thematic review of providers found deficiencies across all of the above areas, including in due diligence and monitoring of distributors, identifying needs of the target market and accurately benchmarking returns and value for money.

It has directed a number of firms to review past product sales which may result in consumer redress and has suggested if concerns are not addressed it may hand down further fines or seek more direct intervention.