FCA Wants Us To Record All Client Calls and Meetings

In a speech last week, Debbie Gupta, Director of Financial Advice supervision at the Financial Conduct Authority (FCA), wants financial advisers to record all client calls and meetings to protect them against complaints.

This comes after FCA research found that for defined benefit pension transfer advice given, only 50% was suitable.

Gupta said: “advisers were not matching the clients risk level with the recommended advice and saw in some cases advisers did not record details of the clients, state pension, any other pensions and expected retirement income” 

She continued to say “financial advisers need to tailor advice to the individual client.  The clients voice should be loud and clear when going through the fact find."

Comment

We have recorded all of our clients calls and meetings for 4 years and find the ability to revist those discussions and refer back to exactly what we discussed and what a client's needs, requirements and objectives and knowledge/experience are.