(FSA Conduct of Business Rule 5.3). This builds on know your customer. The provider or independent intermediary must take reasonable steps to recommend an investment suitable for the customer. This applies when advising private customers, managing occupational schemes or stakeholder schemes, or promoting personal pensions schemes to groups of employees. The suitability requirements are especially stringent for packaged policies to private customers. Most suitability requirements call for a formal suitability letter to the customer explaining the reason for the recommendation. The letter must summarise the main consequences and any possible disadvantages of the transaction.