Examples of Suitability Report in a sentence
IFM was required to provide its customers with a Suitability Report, which is a written record that should clearly set out customer’s circumstances and the adviser’s Personal Recommendation, along with the reasons for it.
The Suitability Report contained only generic reasons, described using templated wording.
The purpose of the Suitability Report is toprovide the customer with a clearly set out explanation of the Personal Recommendation made by the adviser and the reasons for it, based on the customer’s specific circumstances.
Some Suitability Reports contained misleading information, and in 184 out of the 206 BSPS cases where transfer was recommended (89%), customers were sent the Suitability Report after the transfer documents had been submitted to the BSPS.
The consultant’s report, dated 7 October 2017, gave the file a rating of ‘unclear’ and set out various concerns, including: a lack of clarity in how the customer’s risk tolerance was assessed; a lack of evidence that IFM had checked the customer’s understanding of the complex area in which the advice was being given; and the Suitability Report being issued by IFM after the recommendations were completed.
However, as addressed in paragraph4.38 below, there was no system in place to ensure the review of Suitability Reports before they were provided to customers and Mr Cobill accepted in interview that he did not review every Suitability Report before it was provided to a customer.
As set out at paragraph4.91 below, many customers received their Suitability Report only following a substantial delay and in some cases after the discharge forms required to effect transfer had been submitted to BSPS.
A Site Suitability Report has been provided which includes a layout plan of the wastewater treatment system.
This means that, in at least 42 cases, customers made an irreversible decision to give up the benefits of their DBPS without having been provided with their Suitability Report or the transfer comparison required by the COBS rules.
Moreover, in some cases there was a substantial delay (of up to 20 weeks) between a customer receiving a Personal Recommendation and being provided with a Suitability Report.