1. Compliance Update Round 2 - 2014

2. Key Learning Outcomes / Agenda
Awareness of FCA Factsheets and post RDR responsibilities How your processes continue to meet RDR regulatory guidelines

4. FCA Factsheets FCA have published a number of regulatory reminders
These refer to how firms can meet their RDR responsibilities
There are no changes to your regulatory responsibilities

5. Disclosing Charges & Services
Can your clients understand;
Your charging structure?
What and how they will pay?
The scope of your services?
The nature of your services?

6. Independent & Restricted
Do you understand the definition of Independence? Do you use the enhanced suitability questionnaire to identify the Relevant Market? How do you disclose the nature of your restriction?

7. Platforms & Independence
Are you Independent and do you use platforms? Do you consider off-platform solutions for every client? Do you use different platforms for different categories of clients? Does the Platform support your Independence?

8. Platforms and Supermarkets
Are your permissions aligned to your client propositions? Have all relevant staff been trained on the Platforms tools? Are there any limitations on the Platform service? Platform Review – Sunset Clause April 2014

9. Attitude to Risk
Do you adapt risk discussions based on a clients knowledge and experience? Is risk identified for each client outcome / objective? Do you recommend products / funds linked to agreed risk profile?

10. Assessing Customer Needs
Do you record clients financial situation and investment objectives? Do all advisers use the same risk profiling process? How do you capture change in circumstances?

11. Know Your Client
Do you fully assess affordability? Do you capture details of will arrangements? Confirm tax position? Are existing arrangements recorded and assessed?

12. Suitability Reports
Does it use clear and plain language? Use customers own words and expressions Good practice – send reports before recommendation meeting

13. What your customers think
Check with your PI insurer before sending Ask for their understanding of the investment risk Ask if they are clear why the product meets their needs / objectives

14. Any Questions?