The FCA has advised as follows: “We currently use six-digit Firm reference Numbers (FRNs) to uniquely identify firms, and six-digit Product Reference Numbers (PRNs) to uniquely identify funds. We’re likely to reach the six-digit limit (999999) during 2023, given the volume of applications and notifications we receive. We’re planning a move to seven-digit […]
We have completed the latest upgrade to ATEB Suitability on 27th June 2022. This update comes at no additional cost and includes a number of additions to our content management libraries and integrations. EV Following a change to EV’s risk profiling solution, we have updated the EV Risk Profiles stored within our software. The update […]
A new notification rule takes effect from 25 June 2022. Read on for details. Firms will be aware that it is mandatory to notify the FCA in a number of defined circumstances. The general notification requirements are described in SUP 15. SUP 15.11 describes the detailed notification requirements in relation to breaches of […]
With Consumer Duty requirements set to take effect in Q2 2023 and ahead of the final rules being published – expected in July 2022 – firms should consider the FCA’s findings in relation to how firms are dealing with vulnerable customers so far. In February 2021, the FCA published FG21/1 ‘Guidance for firms on […]
We wrote recently about the latest FCA survey. This is mandatory and some firms have been querying how to answer one of the questions. The question asks – What are your estimated cash needs (fixed costs, known variable costs) and expected cash inflows between 1 March and 31 May 2022? (GBP) Please report the […]
The FCA has advised as follows in relation to Tranche 2 firms (see definition list below). “Many of you will be aware that we issued the first phase of the Covid-19 Impact Survey in June-August 2020, covering around 23,500 firms. Since then, we have repeated this survey five more times. The survey has […]
The FCA has advised the following. “We issued the first phase of the Covid-19 Impact Survey in June-August 2020, covering around 23,500 firms. Since then, we have repeated this survey five more times. The survey has helped us obtain an accurate view of the impact of Covid-19 and supported our work to mitigate […]
We have completed the latest upgrade to ATEB Suitability on 22nd May 2022. This update comes at no additional cost and provides firms with the ability to write suitability reports and letters to Trust/Trustee(s) and Power of Attorney(s) as client. Full details of the enhancements can be found in the tables below, but some of […]
The FCA can now vary or cancel permissions more quickly than previously applied. What is changing The FCA now has an additional power, which enables quicker action to: vary or cancel the statutory permissions to conduct FCA-regulated activities of many FCA-authorised firms, where those firms: appear to be carrying on no FCA-regulated activities for which they have permission, and […]
Our new website is www.thistleinitiatives.co.uk. There will be no further posts here from ATEB Compliance. You can keep up to date with all of our usual regulatory and company updates here going forward.
New pension nudge rules
Michael Senior Compliance 2018, 2022, FCA, Pension, Switch, transfer
One of our clients recently received this note from a SIPP provider. “You may already be aware that 1st June 2022 saw new FCA rules (Policy Statement PS21/21) come into force which require all pension providers to give clients a stronger ‘nudge’, in certain circumstances, towards guidance from the government’s Pension Wise service […]