Are you aware of ASR2?
not then you need to get with the FCA TLAâ€™s!
Assessing Suitability Review 2.
This is the second stage of the FCAâ€™s plan to assess suitability across the IFA market in investments and pensions.Â It will take place later this year â€“ and your firm could be selected for the review.Â The review will ask for your new biz book.Â It will then pick files to check, and youâ€™ll be sending in the FF and SR plus supporting documentation for FCA to check.Â If your firm are deemed below average then you will be asked to account for it.Â Â
In the 2017 review
58% of files in small independent firms were deemed to have submitted unacceptable disclosure (31% in networks) to their customers.(section 4.6)Â Â
You need to make sure you donâ€™t land on that part of the next FCA Venn diagram.Â Get your files checked by IFAC.Â