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 has advised as follows: “We currently use six-digit Firm reference Numbers (FRNs) to uniquely identify firms, and six-digit Product Reference Numbers (PRNs) to uniquely identify funds. We’re likely to reach the six-digit limit (999999) during 2023, given the volume of applications and notifications we receive. We’re planning a move to seven-digit […]
We have completed the latest upgrade to ATEB Suitability on 27th June 2022. This update comes at no additional cost and includes a number of additions to our content management libraries and integrations. EV Following a change to EV’s risk profiling solution, we have updated the EV Risk Profiles stored within our software. The update […]
A new notification rule takes effect from 25 June 2022. Read on for details. Firms will be aware that it is mandatory to notify the FCA in a number of defined circumstances. The general notification requirements are described in SUP 15. SUP 15.11 describes the detailed notification requirements in relation to breaches of […]
With Consumer Duty requirements set to take effect in Q2 2023 and ahead of the final rules being published – expected in July 2022 – firms should consider the FCA’s findings in relation to how firms are dealing with vulnerable customers so far. In February 2021, the FCA published FG21/1 ‘Guidance for firms on […]
New pension nudge rules
Michael Senior Compliance 2018, 2022, FCA, Pension, Switch, transfer
One of our clients recently received this note from a SIPP provider. “You may already be aware that 1st June 2022 saw new FCA rules (Policy Statement PS21/21) come into force which require all pension providers to give clients a stronger ‘nudge’, in certain circumstances, towards guidance from the government’s Pension Wise service […]