FSA has written a “Dear CEO letter” on suitability of client portfolios in the wealth management industry. A thematic review showed that many firms pose a high risk of detriment to their customers as client files showed risks of unsuitability or insufficient information to determine suitability. FSA has asked firms to respond to the letter by 9 August, acknowledging they have read and understood it. FSA wants the firms to satisfy themselves they are meeting suitability requirements and act where they discover any failures in past business. (Source: Dear CEO Letter: Wealth Management Review)