The FCA has published an alert to all Principals, regardless of sector, who have one or more Appointed Representatives or Introducer Appointed Representatives (‘ARs’). Principals are responsible for the regulated activities of their ARs. The alert sets out the risks that the FCA expects firms to consider and act upon, where relevant.
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This is a follow up to previous alerts about the risks involved in dealing with Introcuders. All Principal and Appointed Representative firms should read it.
For information.
The FCA has advised as follows: “We currently use six-digit Firm reference Numbers (FRNs) to uniquely identify firms, and six-digit Product Reference Numbers (PRNs) to uniquely identify funds. We’re likely to reach the six-digit limit (999999) during 2023, given the volume of applications and notifications we receive. We’re planning a move to seven-digit […]
We have completed the latest upgrade to ATEB Suitability on 27th June 2022. This update comes at no additional cost and includes a number of additions to our content management libraries and integrations. EV Following a change to EV’s risk profiling solution, we have updated the EV Risk Profiles stored within our software. The update […]
A new notification rule takes effect from 25 June 2022. Read on for details. Firms will be aware that it is mandatory to notify the FCA in a number of defined circumstances. The general notification requirements are described in SUP 15. SUP 15.11 describes the detailed notification requirements in relation to breaches of […]
With Consumer Duty requirements set to take effect in Q2 2023 and ahead of the final rules being published – expected in July 2022 – firms should consider the FCA’s findings in relation to how firms are dealing with vulnerable customers so far. In February 2021, the FCA published FG21/1 ‘Guidance for firms on […]
New pension nudge rules
Michael Senior Compliance 2018, 2022, FCA, Pension, Switch, transfer
One of our clients recently received this note from a SIPP provider. “You may already be aware that 1st June 2022 saw new FCA rules (Policy Statement PS21/21) come into force which require all pension providers to give clients a stronger ‘nudge’, in certain circumstances, towards guidance from the government’s Pension Wise service […]