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.
Suitability reports – silver bullet, or not?
Paul Jay Compliance, Suitability DB Pension, FCA, MiFID, Pension, Pension Transfer, PI, transfer, Xplan
If you ask most advice firms which part of the advice process consumes the most time, most will reply: “Suitability Reports”. Based on the mammoth documents that some firms still produce, we can understand why. We do have some sympathy with firms though. On the one hand they’re told by the FCA that reports are […]