The FCA has published CP17/28, a consultation paper on the proposal to formalise rules on dealing with insistent clients. The rules will be based on what was originally guidance in Factsheet 035 (February and June 2016) in relation to pension reforms. However, the rules will apply to any kind of business not just pensions transfers, conversions or opt-outs.
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Since the pension freedoms came into being in April 2015, there has been a marked increase in the number of clients wishing to effect a pension transfer contrary to advice received. The FCA intends to formalise guidance to advisers in new rules in response to the feedback they have received from firms. The consultation paper gives firms an opportunity to give more direct feedback to the FCA. It is worth reading even if you do not intend to give feedback so you can get a feel for what is coming.
Read the fact sheet and consultation paper.
If you need any more information meantime, contact your usual ATEB consultant or click here.
One of the FCA’s recent publications, Regulation Round Up, contained several interesting articles. Of course, Consumer Duty occupied plenty of space, but one of the articles that didn’t grabbed our attention. This involved censure of a firm and an associated FCA Final Notice issued on 12 May, but it was the numbers that really raised […]
In 1644, English judge Sir Edward Coke was quoted as saying: “For a man’s house is his castle” and this may indeed still be the case, but rising costs and the currently turbulent mortgage market might make securing borrowing easier said than done! In recent weeks the Skipton Building Society broke ranks and offered a […]
At a recent compliance seminar, there was much discussion about adviser fees in light of the imminent Consumer Duty requirements. The seminar (not run by ATEB!) covered much of the Consumer Duty ground quite well but the topic of adviser fee scales was not, in our view, entirely on target. See below. Comments from […]
A high proportion of advice firms operate a largely recurring income model and with this comes the obligation to conduct client reviews. This is a subject that raises its head frequently with firms, especially with Consumer Duty considerations. Reviews are nothing new but when MiFID II came into effect on 3rd January 2018 it introduced […]
Bed and ISA – not so straightforward anymore?
Lisa Cross Compliance 2022, Conduct, PI
Benjamin Franklin once said: “In this world nothing can be said to be certain, except death and taxes”. You could possibly add change to this, but the statement is indubitably as true now as it was then. And from a tax perspective, the reduction in the Annual Exemption Allowance (AEA) for Capital Gains Tax (CGT) […]