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.
Since the end of the BREXIT transitional period on 31 December 2020, we have received quite a few queries from firms asking if and how they can continue to service clients in Spain or France or another EEA country now that passporting is no longer available for UK firms. In the months leading up first […]
We have recently been made aware of scam emails appearing to request firms to provide information via RegData, which the FCA have confirmed is not an official data request. Click here for the latest update from the FCA on the current scam emails in circulation.
In Market Watch 66, the FCA reminded firms of its requirements for firms in relation to recording telephone conversations and electronic communications. The current rules relating to recording came into effect with MiFIDII on 3 January 2018. The telephone conversations and electronic communications referred to are those that are intended to result in the performance […]
We wrote recently about the coming of investment pathways and what it means for advisers. See here. Although the rules are primarily aimed at drawdown providers, there is some very brief GUIDANCE for advisers that states: When a firm is making a personal recommendation to a retail client about the investment of funds in the […]
Should clients take Abridged Advice?
Paul Caine Compliance 2018, abridged, DB Pension, FCA, MiFID, Pension, Pension Transfer, Switch, TCF, transfer
Assessing suitability has always essentially been based around the same overarching principles … The recommended product type should meet the client’s profile and needs? The actual product recommended should be the most suitable, taking account of features and costs. In relation to the second principle, the cliché about cheapest is not necessarily the […]