FCA: Ongoing financial services advice review

FCA has found that financial advisers are delivering suitability reviews in the vast majority of cases included in its review of ongoing advice. FCA had been concerned that these services may not always have been delivered where they had been offered and asked for data from 22 of the largest financial advice firms. The data provided by the firms showed that suitability reviews were delivered in around 83% of cases. In a further 15% of cases, the regulator was told that clients either declined or did not respond to the firm’s offer of a review. There were fewer than 2% of cases where firms reported they had made no effort to deliver the suitability review to clients.  FCA is asking all advice firms to review its findings, and to consider whether they have met their regulatory requirements and contractual obligations regarding ongoing services. If not, they should take appropriate steps to remedy the situation.  FCA notes that it intends to review the rules on ongoing advice to make sure they remain fit for the future during 2025.