In Consultation Paper ‘CP13/5: Review of the client asset regime for investment business’ here, the FCA proposed changes to the rules in CASS to address specific risks, to clarify the requirements firms must comply with and to enhance the client assets regime to achieve better results for consumers and increase confidence in financial markets.
The Policy Statement ‘PS14/9: Review of the client assets regime for investment business’ here, followed on from the consultation and summarised the feedback the FCA received, provided their response and set out final rules.
In the May 2015 issue of their Regulation Round-Up, the FCA reminded firms of the timescales for complying with the changes and, to help firms understand the changes, they published a recording of a CASS briefing held in January for CASS medium firms.
This is a useful video which you can watch here.
Pension Transfer charging
Alistair MacDougall Compliance abridged, FCA, P1, Pension, Pension Transfer, PI, transfer
Policy Statement PS 20-06 stated that a firm providing pension transfer advice “… may also not charge less than it would charge for investment advice of the same value”. That seems clear enough, but the rule that gives effect to this statement is subtly different. COBS 19.1B.7 states: “A firm should not charge less […]