In a recent update the FCA confirmed their intention to issue a further data request to all firms with the permission to advise on DB pension transfers.
As a result of the recent flurry of scam emails purporting to be from the FCA, firms should be aware of the request and that it is a genuine FCA communication.
The FCA will be contacting all firms who hold permission to advise on DB pension transfers and other safeguarded benefits, to request further data to allow them to continue to understand the shape of the entire DB transfer advice market. The data request will be sent from:
Whilst the request is not mandatory, the FCA does expect firms to complete the request and will be monitoring completion and will contact firms that do not appear to be engaging.
They are planning to issue the requests next week and firms will be asked to submit their response by 31 July 2020.
FCS Transitional Arrangements
Steve Bailey Compliance Update
As you will be aware the Financial Services Authority ceased to be and the Financial Conduct Authority took over the regulation of financial advice firms on 01 April 2013.
The FSA issued PS13/05 last week which includes updated rules and transition arrangements. The policy statement itself is 88 pages but the ‘appendix (3)’ that accompanies it is a mere 1990 pages so you must excuse us for not as yet absorbing every word. The document can be seen here.