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.
In any advice scenario, it is good practice to ensure that the client is clear about what service is to be provided and what the cost will be. It is also a rule requirement: COBS 6.1.9 – “A firm must provide a client with information on costs and associated charges …” COBS 6.1.11 […]
The FCA has published details of its new approach to consumer protection, which the regulator hopes will give consumers the confidence to invest. It is hoped that the strategy will lead to fewer people being scammed or persuaded to invest in products too risky for their needs. The FCA will publish metrics to assess whether […]
ATEB has worked with many firms over the past few years in relation to defined benefit pension transfer advice. This is due in part to the significant increase in pension transfer activity following the ‘freedoms’ that came in with the Pensions Act 2015 and in part due to the deluge of rule changes introduced by […]
Even with all the deferrals of deadlines around implementation of the SMCR as a result of COVID, firms should now be well into business as usual mode with all aspects of SMCR. In particular, all staff covered by SMCR should have received communications and training around the Conduct Rules. Ideally, conditions of employment should also […]
FCA expectations in relation to remote or hybrid working
Alistair MacDougall Compliance Call Recording, COVID-19, FCA, PI, protected, protection, recording, Register, Senior Manager, training
The coronavirus (Covid-19) pandemic has resulted in many firms adopting remote working for some or all employees. Indeed, some of you reading this article right now might well be in a kitchen or home office, in permanent dress down mode (remember when that only happened on the last Friday of the month?) and perhaps even […]