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.
Niels Bohr, the Nobel laureate in Physics and father of the atomic model, is quoted as saying, “Prediction is very difficult, especially if it’s about the future!” A related axiom states: “Predicting the future is easy – the hard bit is getting it right!” And with those thoughts in mind, we can ponder the wisdom, […]
A change is as good as a rest they say. So here is a compliance related article that does not have any connection with Consumer Duty! We recently received a query from a firm which purported to be in relation to what permissions are needed in connection with a client opting out from an […]
Nothing major, but take note. The FCA has announced that it will be replacing the Financial Resilience Survey with a new financial resilience regulatory return. This will be referred to as ‘FIN073 – Baseline Financial Resilience Report’. Firms still need to complete the Financial Resilience Survey when requested to do so until the […]
Well, sort of. OK, this is another Consumer Duty themed article but, following our attendance at the FCA’s Live and Local events (which we recommend you attend if you haven’t done so already), we thought we’d share our experience and highlight the main points that the regulator appears to be placing specific emphasis […]
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Paul Jay Compliance assessment tool, Conduct, DB Pension, DBAAT, Defined Benefit, FCA, FOS, Pension, PI, Senior Manager, SM&CR, Switch, transfer
Most firms will have at least vague recollections of the FSA’s thematic review of pension switching and the report it produced in December 2008. It produced a flurry of activity, but as time has elapsed it has perhaps become a distant memory, despite the high volumes of replacement business that have been and continue […]