The effect of the recent coronavirus pandemic, and the potential pressures this may place on consumers’ finances, is likely to bring this work into even closer focus.
If you are active in the later life lending market, we strongly recommend you carefully review these FCA findings, particularly the examples of poor practices.
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Reviewing advice given also links into the process of certifying your advisers as competent and capable, as required under the Senior Managers and Certification Regime.
This FIT assessment should be completed by December 9 2020, unless extenuating circumstances have made it necessary for you to extend your SMCR completion date.
Alexander McGregor is compliance policy manager at The SimplyBiz Group
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