We wrote about the background to updated redress guidance following the Chancellor’s announcement of changes to the way that the Retail Prices Index (RPI) inflation measure is calculated from 2030. You can read that article here.
The FCA’s transfer redress guidance has now been duly updated and can be accessed here. The changes affect all redress calculations since 25 November 2020, even where those have been agreed and settled with clients. Calculations will need to be redone if necessary and any additional redress due will need to be paid.
Trust Registration Service – update
John Begg Compliance 2017, 2020, 2021, EU, ML, Pension, PI, Register, transfer, Update
New rules, transposing the Fifth Money Laundering Directive (5MLD) into UK law took effect on 10 January 2020. One impact of the rules was to broaden the scope of the Trust Registration Service (TRS) requirements. you can read more about 5MLD and TRS here. In brief, the previous rules required that all express trusts that […]