Does my firm have to offer execution only ?
Actually, no it does not. If for example a client refuses to accept your recommendation, you do not have to offer them an execution only option. You 'may simply choose not to proceed with the sale' as the FCA puts it or, of course, you might equally apply little more persuasion. Arguably it could be a mistake to offer execution-only in such a circumstance as you could be setting yourself up for a future complaint - not necessarily on a breach of FCA rules but on the basis of negligence and duty of care.
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