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.
Dear CEO General Insurance Intermediaries Client Money Arrangements
Michael Senior Compliance FCA, protected, protection, transfer
Following a series of financial resilience surveys and a letter issued in September last year the FCA has issued a Dear CEO letter about adequate client money arrangements, that can be accessed here. The FCA is keen to ensure client money is adequately protected, that firms follow the CASS 5 rules and review arrangement […]