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.
Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.
ATEB Compliance offers compliance and regulatory advice.
ATEB Suitability provides report writing software for the financial services market.
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.
We’ve been pointed towards some useful training links.
We have recently attended a seminar where the FCA Authorisations department estimated that they will receive around 51,000 applications, although they suggest that only 39,000 actually require a licence.
Having difficulties completing the new RDR friendly sections K and L of RMAR? ATEB has produced guides
The FCA has back-tracked on the new Capital Resource requirements!
Mortgage Market Review – A Reminder
Steve Bailey Compliance 2014, FCA, Mortgage
The Mortgage Market Review (MMR) is due for implemetation in April of 2014. Are you prepared?