The FCA Thematic Review (TR24/1) on Retirement Income Advice finally landed (on 20th March 2025. )
FCA’s findings were awful.
The file check results were – 67% suitable / 22% unclear / 11% unsuitable.
When one third of IFA files are failing to hit suitable mark the only surprise is that there is no mention of enforcement.
What is going on?
MI LACKING IN ALL AREAS: “Some firms even found it difficult to provide the requested information for the data survey. Some firms did not centrally record information, and used manual extraction from individual files to provide the data. Some firms had difficulty providing fully completed advice registers.”
BAT AI file checker is the answer to this.
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