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IFAs must sharpen provider due diligence under FCA Consumer Duty

(1st published by Citywire New Model Adviser on 10 Feb, 2022 at: https://citywire.com/new-model-adviser/news/ifas-must-sharpen-provider-checks-under-fca-consumer-duty/a237915) Due diligence involves not just looking at the product or service, but also examining the provider and thinking about the risks the FCA has identified. Advisers often call us for help, asking what the FCA actually expects in terms of research and due

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“Scoring” – for better outcomes & robust compliance

Any meaningful due diligence exercise means looking at – and assessing – a lot of information, not to mention evidencing that assessment (in case the FCA or your PI insurers ever ask). Scoring each provider’s responses is a good way of keeping track of and evidencing the process, and also allows easy sharing of your

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“Research” -v- “due diligence” – What’s the difference?

We often hear about the need to undertake research and due diligence on the products and services recommended to clients, but what does that mean in practice? Specifically, is undertaking research the same as due diligence, or are the two different? And this is an important question, because there is confusion in the market about

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IFAs must remember difference between due diligence & research

As the FCA’s suitability work continues, Chris Jones reminds advisers of their obligations to inform themselves and make informed recommendations You will often hear about the need to undertake research and due diligence on the products and services you recommend to clients, but what does that mean in practice? Specifically, is undertaking research the same

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“Agent as client” or agent for the client?

Last Thursday the PFS published a very detailed guide written by consultancy Diminimis on the potential issues arising from the “agent as client” basis on which some discretionary and MPS services are run. Many advisers will be on top of this but, for those who aren’t, the potential consequences are significant… Under the agent as

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What is “due diligence?” Lessons from the Berkeley Burke case

Working in a regulated industry, the importance of “due diligence” is drummed into us. The FCA regard research and due diligence as core requirements to ensuring suitability, and that poor research and due diligence can lead to poor customer outcomes (TR16/1). So you might assume that “due diligence” is a clearly defined requirement of the

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