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.
FCA expectations – temporary long term absence
Richard Foster Compliance 2020, 2021, Certification, Conduct, Directory, FCA, PI, Register, Senior Manager, transfer
Following consultation in CP20/23, which was published in December 2020, the FCA has made changes to the Handbook. The affected sections are: SYSC 25.4 FIT 1.3 SUP 10A.14, 10C.9, 10C.10, 10C.11, 10C.14, 10C Annex 2G and 10C Annex 6R Form D In summary, the changes to the Handbook are intended to reflect the FCA’s […]