The UK has now left the EU. We are in a transition period which is due to end on 31 December 2020. While most rules and requirements continue unchanged during the transition for most firms and most clients, it is prudent to keep up to date on the current position and what is likely to happen when the transition period ends.
The FCA has gathered all its BREXIT related information and links here.
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On 1 April 2019, the FCA increased the Financial Ombudsman Service’s award limit from £150,000 to £350,000. This applies to complaints referred to the Ombudsman service on or after 1 April 2019 about firms’ acts or omission on or after that date. The limit for complaints referred to the service on or after 1 April […]
Some readers might remember that the FCA issued a guidance consultation paper in July 2019, GC19/3 – Guidance for firms on the fair treatment of vulnerable customers. The consultation closed in October and final guidance was expected to be published early 2020. That has now been deferred, with no timescale indicated for its publication. Another casualty […]
A reminder that ARs should be included as Directory Persons.
The FCA has published its Business Plan for 2020/21.
SM&CR training
Alistair MacDougall Compliance FCA, SM&CR
During a recent workshop, the FCA commented on SM&CR training. They do not believe that some e-learning or short generic training meets their requirements. We believe that this is primarily a reference to the need for all staff to understand the intention of the SM&CR to move firms to a culture of accountability at all […]