Under Consumer Duty and PROD rules, the annual review is the single most critical compliance event in a client's lifecycle. Here is a systematized approach to ensure reviews are executed consistently without burying staff in administration.
The adviser should not touch a file until the paraplanner or administrator has assembled the data.
Admin team pulls up-to-date valuations from platforms and providers. Issues a pre-meeting questionnaire to the client requesting updates on health, income, and objectives.
Paraplanner runs initial cash-flow models to see if the client's capacity for loss has fundamentally shifted due to market movements or inflation.
The review meeting must follow a structured agenda to ensure regulatory requirements are met and documented.