EH?????

Been doing these for years........

Posted by: Greg

Should already be doing this

Why wait? As a member of Sesame this is already compulsory anyway but as is the way of these things, it helps in a regulated environment to prevent any actions in the future. Comments, records and reasons why, if it is not written down, it didnt happen. Protect yourself and start doing this now!

Posted by: Patrick McCarry

KFI explanation

Far more appropriate than a suitability report would be a letter helping clients how to understand a KFI

Posted by: Ken

Mortgage Suitability letters

Sorry am I missing something? or have I been writing mortgage suitability letters and treating my customers fairly for nothing ??

Posted by: Jenny

Taking it all one step further

we have been recording the WHOLE client contact for nearly 3 years as MP3 and wav.docs so we know exactly what was said by whom and to whom. We started doing this , in part because we had some partically sighted clients for whom a typed report was useless and because having checked the FSA's rules for pension and investment business (not mortgages where it was not a requirement) until now, the rules require a REPORT in durable medium, not a letter and having a documented discussion with the FSA, they can see the logic in recordings, especially where sight or literacy are an issue.

Posted by: Phil Castle

Audit trail

Phil's right, far better to have a complete record of the advice from start to finish including customer questions and responses. Most of our customers have email and that's where all our conversations take place after the initial meeting.

Posted by: Ken Durkin

Suitable admin

All that is required is a fact find, sourcing list and a KFI with a text box at the end succintly explaining why it was recommended. We are overladen with unnecessary paperwork and some of you sound like turkeys begging for Xmas to be brought forward.

Posted by: Jules_london