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.
Firms involved with pension transfer business will know that there is a requirement to consider an available workplace pension (WPS) as the destination for any transferred funds. If the recommendation is to transfer to an alternative proposed arrangement, for example a personal pension/SIPP/flexidrawdown plan, firms have to demonstrate why the scheme they recommend is MORE […]
The FCA has advised as follows. “As you will be aware, all firms with Directory Persons must have certified / assessed their staff and submitted the relevant information to the FCA to ensure they remain compliant with FCA regulatory requirements before 31 March 2021. A number of your members may still be required to submit […]
In readiness for the release of a host of new features, we’re writing to inform you about a scheduled maintenance window affecting access to ATEB Suitability. It has been almost 2 years since we launched our Ex-Ante/Ex-Post Costs and Charges Statement template, designed to assist firms in meeting their disclosure requirements under MiFID II. Since then […]
On 25 May 2018, the Data Protection Act 2018 came into force and represented the UK’s adoption of the EU’s General Data Protection Regulation (GDPR). As this Act fully implemented the requirements of the GDPR and was considered to be adequate by all EEA countries prior to BREXIT, a reasonable person might have believed that […]
FCA COVID SURVEY – PART 4
John Begg Compliance 2020, 2021, COVID-19, email, FCA, Gabriel, platform, scam
The FCA has advised the following: “Many of you will be aware that we issued the first phase of the Covid-19 Impact Survey in June 2020, covering around 13,000 firms across 15 Supervision portfolios (Tranche 1), and then rolled this out to a further 9,500 firms in 21 portfolios (Tranche 2) at the beginning of […]