In February, the FCA published ‘Finalised guidance FG21/1: Guidance for firms on the fair treatment of vulnerable customers’. In launching the guidance paper, the FCA stated: “… 27.7 million adults in the UK now have characteristics of vulnerability such as poor health, experiencing negative life events, low financial resilience or low capability. Not all people […]
The significant increase in PII costs for firms providing investment advice in recent years and the difficulties for firms doing pension transfer business obtaining cover at any price for that type of business is well known. Issues with PII cover for GI or mortgage firms have been much more low profile. However, it seems that […]
FCA redress guidance has been updated as at March 2021 – this article explains the background as at the date of the Government’s announcement of the change and has now been updated with a follow up article which can be read here. The FCA has announced its intention to amend guidance for firms on how […]
The FCA is launching a new online invoicing portal on 12 April 2021 for users to access their invoices and arrange payment of their fees. Firms should continue using the existing invoicing online portal for now but this will no longer be available after 31 March 2021. There will be no portal available until the […]
The FCA has been writing to some firms recently with an ‘ACT NOW’ message, stating: “We are writing to you today because our analysis shows you have individuals within your firm who would fit the definition of a Directory Person, but you have not yet submitted any Directory Persons data for your firm. Solo-regulated firms must […]
In December 2020, we reminded readers about the expected changes to FSCS protection after the EU withdrawal period ended on 31 December. You can read that article here. The transition did end when expected and with last minute agreement on a trade deal, which was not so certain. However, the agreement did not cover financial […]
You may well have seen reports that the FCA recently published its Defined Benefit Advice Assessment Tool (DBAAT). This is the tool that the FCA has been using as part of the ongoing review of firms providing transfer advice. At launch, the FCA stated: “We published the DBAAT to help firms and pension transfer specialists […]
Following the release of a consultation paper on 10th February 2021 by HM Treasury, we have now added a ‘Proposed changes to Normal Minimum Pension Age (NMPA)’ section within the ‘Retirement Advice’ page of the main Suitability Report template. This includes a standard text option, pre-ticked for inclusion in all retirement advice reports, informing clients […]
Another March reminder! Solo-regulated firms must submit their Directory Persons data via Connect by 31 March 2021. Submissions of 10 persons or more using the multiple upload functionality must be done between 11 January and 18 March to ensure submissions are processed ahead of the deadline. A failure to submit required data in time would be a […]
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.
10% depreciation reporting to be reviewed
John Begg Compliance 2018, 2020, 2021, COVID-19, FCA, MiFID, Update
The FCA has announced a review of the 10% depreciation notifications requirement. This requirement came into being with MiFIDII in January 2018 and is intended to ensure that investors are kept informed in periods of extreme market volatility. The volatility in markets as a result of the pandemic in 2020 created a need for multiple […]