FCA launches IAAT

The UK Financial Conduct Authority (FCA) has launched the investment advice assessment tool (IAAT) to help personal investment firms assess the suitability of their investment advice and disclosures to consumers (excluding advice on retirement income or defined benefit transfer advice). The IAAT offers a structured methodology for reviewing past advice provided since 3 January 2018, including in response to business complaints or as part of a past business review. The tool is intended not only for the use of investment firms but also professional indemnity insurance providers, compliance or legal consultants and trustees of defined contribution pension schemes. Use of the IAAT is subject to the FCA's licensing agreement, which must be reviewed before access or use. To support firms, the FCA has also published an instruction guide explaining how to use the IAAT and interpret the results of file reviews conducted by the FCA.

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