Suitability and Appropriateness is a priority for wealth management and private banking firms, but it has historically been a difficult process for firms to standardize and demonstrate. In the U.K., compliance requirements for the Suitability and Appropriateness of advice are defined in:
Regulators are primarily concerned with the protection of retail clients and many firms have been fined following reviews, usually due to weaknesses in systems and controls.
NexJ provides intelligent financial services CRM and business process management capabilities to help firms comply with suitability and appropriateness of advice obligations. NexJ CRM and NexJ CPM enable firms to seamlessly embed suitability and appropriateness requirements into daily business. With NexJ, firms can:
NexJ’s intelligent customer management products enable firms to demonstrate compliance with regulatory standards for the suitability and appropriateness of advice, including requirements for: