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.
The FCA have been running CCL roadshows and there are some important issues arising that may affect you if you currently hold a licence or will potentially need one.
If your PI policy has non-compliant excess or exclusions written into it, you will need to hold additional capital reserves.
We have summarised the key points from recent FCA MMR Intermediary Workshops in this news article. There are some interesting points for mortgage advisory firms to note.
This is an area that causes the FCA concern.
How do you ascertain that your Attitude to Risk grading is ‘mapped across’ (i.e. is equivalent to) any risk rated fund that you subsequently recommend?
Financial Promotions – FCA Issues Warnings
Steve Bailey Compliance FCA, PI, Xplan
The FCA is stepping up its scrutiny on financial promotions by actively monitoring promotions and issuing warnings to firms that breach the rules.