‘War and Peace’ reports are just best practice

Sam Caunt

In response to Ken Davy’s column about ‘suitability letters’ (FA, 5 May), they are a misnomer for many advisers.

They are advice recommendation reports which pull together various strands into a final document which, if prepared properly, can be broken down into bite-sized chunks. Sadly, and as a whole, they look like War and Peace, and cost as much to prepare.

Nevertheless, look at best practice examples as supplied by the FCA and you see that there is an awful lot we have to consider and provide evidence for: discussions with the client regarding suitable options, risk, capacity for loss and all that entails, taxation and estate planning.

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While not essential, alternative solutions and options need to be mentioned therein if only to record in one document everything that has been talked about and discussed and considered by the adviser. And we should be able to rely on the statement to the client that if they have any questions about the enclosed they should contact us.

Sam Caunt


Moerae Life Financial Planning, Northampton