I have a question relating to Suitability Letters and when these should be issued to a client.
Should these be issued to the client A) as a summary of the advice given to the client prior (or at the same time) as completing the application forms of B) after the business has been written - i.e. a summary of what has taken place?
If "B)", how is the advice given to the client in the first place (other than at a meeting or on the phone) and how are you sure that this has been understood by the client if they have not received this comprehensive written summary of the advice and signed it to confirm they have understood it? If it should be given in another separate written report, is this not a waste of time doing 2 reports which will say much the same thing?
In my previous place it was always issued under option "A)", but where I am now, it is option "B)". Is one of these wrong, or does it not matter in the scheme of things, as long as it is issued in a timely manner (within 14 days of the application)?
Look forward to your comments out there.