The FCA has published the results of its review of the Consumer Duty implementation plans of larger firms, in order to help firms understand its expectations. You can read the results here. The findings reflect that, while many of the plans reviewed evidenced firms had established extensive programmes of work to embed the Duty, […]
The FCA has issued the following reminders for Principal Firms. Respond to our request for information about Appointed Representatives (ARs) In December 2022 we sent a mandatory Section 165 (S165) request to principal firms. This request reflects new rules requiring principals to provide more information about their Appointed Representatives (ARs) and strengthens the […]
Many firms are now operating their own preferred investment solution – a Centralised Investment Proposition (CIP) – which they seemingly recommend to most, if not all, of their clients. Firms regularly raise questions with ATEB around the use of a CIP. What firms are usually concerned about is whether this impinges upon their ability to […]
The FCA have advised they will be hosting a series of Live and Local events across the United Kingdom on the Consumer Duty from 21 February 2023 to 15 June 2023. Aimed at small and medium sized firms, the events will focus on the Retail Investment and Mortgage sectors and compliance consultants are also […]
The FCA has published proposals for a simplified advice regime, but don’t get too excited – just yet. At the end of November 2022 the FCA issued another Consultation Paper – CP22/24 – the consultation period ends on 28 February 2023. Its title – ‘Broadening access to financial advice for mainstream investments‘ – doesn’t […]
This article will be of relevance to firms who have provided pension transfer advice to members of the British Steel Pension Scheme. Note that imminent action is required. Background On 27 April 2022, PS22/4 came into force, applying an asset retention on firms that provided BSPS members with advice to transfer between 26 May […]
This article will be of relevance to firms who have provided pension transfer advice to members of the British Steel Pension Scheme. Note that imminent action is required. PS22/14 is due to come into force at the end of this month and requires firms to review pension transfer advice they have provided to members […]
What do you do? Your client has inherited some (insert company name) shares and she asks you, as her trusted financial planner, what to do with them. Do you tell her that you don’t advise on individual shares and recommend that she goes to a stockbroker? But wait, that loses you credibility and might […]
The FCA has announced that it will shortly be undertaking a thematic review to assess the advice consumers are receiving on meeting their income needs in retirement. Why? Previously planned work on this topic (known as ‘Assessing Suitability Review 2’) was paused as a reaction to Covid but the Regulator believes that it is […]
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.
Consumer Duty Dear CEO Letter: Demonstrating Value
Paul Caine Compliance FCA, scam
Last week the FCA issued a Dear CEO Letter to firms in the Consumer Investment sector to “help them implement and embed the (Consumer) Duty effectively”. The FCA outline four key areas of concern, notably: Mainstream investments: Concern surrounds clients receiving poor value, specifically in relation to paying for products and service that services […]