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 been writing to some firms recently with an ‘ACT NOW’ message, stating: “We are writing to you today because our analysis shows you have individuals within your firm who would fit the definition of a Directory Person, but you have not yet submitted any Directory Persons data for your firm. Solo-regulated firms must […]
In December 2020, we reminded readers about the expected changes to FSCS protection after the EU withdrawal period ended on 31 December. You can read that article here. The transition did end when expected and with last minute agreement on a trade deal, which was not so certain. However, the agreement did not cover financial […]
You may well have seen reports that the FCA recently published its Defined Benefit Advice Assessment Tool (DBAAT). This is the tool that the FCA has been using as part of the ongoing review of firms providing transfer advice. At launch, the FCA stated: “We published the DBAAT to help firms and pension transfer specialists […]
Following the release of a consultation paper on 10th February 2021 by HM Treasury, we have now added a ‘Proposed changes to Normal Minimum Pension Age (NMPA)’ section within the ‘Retirement Advice’ page of the main Suitability Report template. This includes a standard text option, pre-ticked for inclusion in all retirement advice reports, informing clients […]
New online fees portal
Lisa Cross Compliance 2021, FCA, Register
The FCA is launching a new online invoicing portal on 12 April 2021 for users to access their invoices and arrange payment of their fees. Firms should continue using the existing invoicing online portal for now but this will no longer be available after 31 March 2021. There will be no portal available until the […]