The FCA’s commentary on ongoing servicing is something that we’ve all been talking about for a long time, and the findings have finally been released from the sample of advice firms reviewed.

The study found that in 83% of cases, ongoing reviews were carried out in line with service propositions; in 15% of cases clients had declined or not engaged with the request for information to conduct a review, while in 2% of cases firms had made no effort to conduct the review as part of the ongoing service the client was paying for.

Firms should take a sample of their own ongoing service clients to review and draw conclusions: are you meeting service standards, and if not, what are the next steps?

Read the article in full here.