On April 1st some of the FSCS compensation limits are increasing. While we hope that none of your customers will ever need to claim you must ensure any documents, templates or websites reflect the changes.
Depending on terminology your Proposition / Disclosure / Terms of Business will have the limits in them and so may websites and suitability reports etc.
Briefly, the maximum payment for investment business is still 100% of any claim but the cap is increasing from £50,000 to £85,000.
Similarly, the maximum payment for mortgage business is still 100% of any claim but the cap, again, is increasing from £50,000 to £85,000.
Other non-investment insurance limits are unchanged.
And for debt management firms the maximum payment is still 100% of any claim but the cap is increasing from £50,000 to £85,000.
The current COMP 10 rules can be accessed here and if you want to change the date:
- Click on ‘Show Timeline’;
- Select a date of 01st April 2019 or beyond;
- And remember to reset the date after.
AR survey
Michael Senior Compliance 2021, complaints, Conduct, email, EU, FCA, scam, Xplan
The FCA is requesting completion of a survey from firms with Appointed Representatives (ARs). Where applicable, firms may already have received this. Given the risk of scams, the FCA now takes care to pre-warn firms that a communication is genuine. We have had confirmation that the following survey and email addresses used are legitimate. […]