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.
Our report writing software has been fully updated to accommodate changes to allowances, rates and reliefs in advance of the 2023/24 tax year. Full details can be found below: Pensions ‘Annual Allowance’ amount updated to £60,000.00. Adjusted income threshold amount for the ‘Tapered Annual Allowance’ updated to £260,000.00. ‘Money Purchase Annual Allowance’ amount updated to […]
Most of the talk in the financial services industry relating to 31/7/23 focuses on Consumer Duty and for good reason, because it will bring big changes for many firms, including a new addition to the FCA’s Principles for Businesses. The new Principle 12 states: “A firm must act to deliver good outcomes for retail […]
The FCA has advised as follows: Last year we launched a new three-year strategy to improve outcomes for consumers and in markets throughout the UK. As our remit is broad and growing, the strategy prioritises resources to prevent serious harm, set higher standards and promote competition. Today we’ve published our Business Plan for […]
In our article last week, we highlighted the deadlines for implementation of Consumer Duty – 30 April and 31 July … … the rules for existing products and services take effect on 31 July and the earlier deadline of 30 April is for Manufacturers to have completed some preparatory work. Hard on the heels […]
Consumer Duty: It’s a matter of Principle
Huw Reynolds Compliance Conduct, FCA, PI, protection
Apologies for the Consumer Duty overload but unless you’re taking a regulatory sabbatical, this is very much a hot topic. There are in excess of 50 FCA Handbooks (rules and guidance). You cannot be expected to be conversant with all of them, but you should have a good handle on the key ones, such […]