Hot topic: Suitability in wealth management
“Any successful wealth management service is entirely dependent on providing clients with suitable investment portfolios.
Helping firms to improve their standards on suitability is one of our priorities in supervising the sector.
… many firms still need to up their game – suitability remains one of our main concerns in the sector. “
So said the FCA in a recent regulatory roundup. The regulator has completed three separate phases of work on this aspect over the past six years, culminating in a Thematic Review in December 2015 – see our view here.
Suitability was also the theme of the investment roadshows that the FCA has been conducting around the country. See our summary here.
Tax Year End Update
Doug McFarlane Suitability 2024, Pension, transfer, Update
Our report writing software has been fully updated on 6th April 2024 to accommodate changes to allowances, rates and reliefs for the 2024/25 tax year. Full details can be found below: Pensions Existing ‘Lifetime Allowance’ wording removed and replaced with new ‘Lump Sum Allowance (LSA)’ and ‘Lump Sum and Death Benefit Allowance (LSDBA)’ wording. In […]