This Consultation Paper is relevant to all FCA and PRA authorised firms and sets out the FCA and PRA proposals for the Management Expenses Levy Limit (MELL) for the Financial Services Compensation Scheme (FSCS) for 2023/24. The FSCS is a fund of last resort to provide compensation for consumers when financial services firms fail. […]
The FCA have advised as follows: “We’re asking a number of firms to complete this survey to help us understand how the current financial climate is impacting FCA solo-regulated firms. We’re planning to send this survey to the relevant firms in Tranche 1, on one of the following dates: Batch 1: to be […]
This consultation primarily affects insurers and insurance intermediaries. In November 2020, the FCA introduced finalised guidance for insurance and premium finance firms to support customers in financial difficulty due to the coronavirus pandemic. It is now consulting on replacing the insurance aspects of the Covid guidance with guidance extended to apply to all […]
We wrote a few weeks ago about incoming changes to how firms access their FCA systems to upgrade data protection. You can read that article here. The new system will replace the current 6-digit passcode with the user needing to log in using a One Time Passcode (OTP). The implementation date of 20th January […]
We thought it appropriate to issue a New Year reminder for firms that have staff … directly involved in the carrying on of the firm’s insurance distribution activities; or within the management structure responsible for the firm’s insurance distribution activities; or responsible for the supervision of a relevant employee acting in the capacity […]
As 2022 comes to an end, all our readers are probably thinking more about the imminent festivities and looking forward to a well earned break from what has undoubtedly been a difficult year in several obvious respects. We at ATEB are also looking forward to a few days off. However, without wishing to spoil […]
The FCA recently advised of incoming changes to how firms access FCA systems. In order to protect firms’ data, the FCA are to implement multi factor authentication (MFA). This will replace the current method used by firms to log into the FCA systems. Multi-factor authentication ensures only you access your accounts. Currently firms […]
As part of the Government’s reforms of previous EU legislation, next on the list is the proposal to scrap the 10% portfolio drop rule, which was introduced within MiFID II rules in January 2018. Under the legislation firms were required to notify clients where the overall value of their portfolio had fallen by 10% […]
We have received the following from the FCA. We want to draw attention to a new FCA publication; https://www.fca.org.uk/data/general-insurance-value-measures-jul-dec-2021 As you will be aware, in our General Insurance (GI) add-ons market study (MS14/1) we identified poor product value as an area of harm in general insurance. This has been caused by ineffective competition between providers […]
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.
Thematic review of retirement income advice
Shirley McKenzie Compliance 2015, 2022, FCA, Lifetime Mortgage, Mortgage, Pension, PI, Suitability Review
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 […]