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.
Regulatory references are central to the Senior Managers & Certification Regime (SM&CR). They help firms make informed decisions about the fitness and propriety of individuals to whom they intend to assign Senior Management or Certification Functions (or appoint as non-approved Non-Executive Directors). In response to feedback on the challenges firms face when obtaining regulatory references, the FCA has […]
The riveting read that is the FCA’s 2021/22 Business Plan sets out their consumer priorities for the year ahead. One of these priorities is to enable consumers to make effective investment decisions as documented in the recently published Consumer Investment Strategy here . To those of us longer in the tooth, much of this has been seen […]
We have received details of the latest COVID survey from the FCA. See below for Tranche 2 dates. “Many of you will be aware that we issued the first phase of the Covid-19 Impact Survey in June 2020, covering around 13,000 firms across 15 Supervision portfolios (Tranche 1), and then rolled this out […]
We have completed the latest upgrade to ATEB Suitability on 14th January 2022. This update comes at no additional cost and provides major platform enhancements. Full details of the enhancements can be found below: Parent and Child Company Account Relationships Client firms can now be linked together to establish hierarchical group structures. This feature allows firms […]
FCA provide guidance on SMF16/17 appointments
Richard Foster Compliance FCA, ML, PI, training
Firms should have heads of compliance and money laundering reporting officers (MLROs) who are suitably competent and capable of effectively performing the roles. It is appropriate to carefully consider how individuals can demonstrate this ahead of seeking regulatory approval. The FCA have recently issued guidance which should help firms decide if an individual candidate is […]