What is the difference between advice, information only and a personal recommendation?
Amongst other things the Finalised Guidance document FG15_1 ‘Retail investment advice: Clarifying the boundaries and exploring the barriers to market development’ looked to explain the differences.
Steve Bailey (ATEB director) recently undertook a critical and detailed examination of the paper for an article compiled for Adviser Business Review.
The article can be accessed here.
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It’s an important read. Firms looking at developing other distribution channels will need to be very careful in their approach. Innovation can create some excellent customer outcomes with the right level of investment and expertise, but beware, because there are some banana skins.
If you are in doubt please refer to your ATEB consultant or contact us here.
As you may be aware the regulation of consumer credit will move from the Office of Fair Trading (OFT) to the FCA on 01 April 2014. Find out what you need to do here.
There is a Government e-petition here which aims to increase the protection afforded to Financial Advisers by removing the Ombudsman’s right to consider a claim without any long-stop restriction and without applying the Limitation Act 1980.
RDR requires advice to be free from bias, clearly explained and transparently charged. The FCA is currently conducting a three-stage thematic review and the first part of that review has raised a number of concerns.
Currently, this is one of the questions we are most often asked.
The trouble is, there are different sources of opinion. At the end of the day, we believe that it is the FCA’s opinion that counts and this is what they say.
New Capital Resource Requirements – ATEB’s Final Warning!
Steve Bailey Compliance 2014, 2015, Mortgage, PI
We thought it would be prudent to send one final reminder regarding the change to the Capital Resource Requirements that come into force 31/12/13.