Under the FSA ‘know your customer’ rule (Conduct of Business Rule 5.2.5) a firm making a recommendation on a designated investment (and certain pension transactions) to a private customer must take reasonable steps to acquire sufficient personal and financial information before making the recommendation. There is no prescribed method of eliciting information but firms should have a suitable factfinding’ process. The document recording the information is a ‘fact-find’. There are special rules for Friendly Society policies not exceeding £50 per annum or £1 per week.