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.
Since the end of the BREXIT transitional period on 31 December 2020, we have received quite a few queries from firms asking if and how they can continue to service clients in Spain or France or another EEA country now that passporting is no longer available for UK firms. In the months leading up first […]
We have recently been made aware of scam emails appearing to request firms to provide information via RegData, which the FCA have confirmed is not an official data request. Click here for the latest update from the FCA on the current scam emails in circulation.
In Market Watch 66, the FCA reminded firms of its requirements for firms in relation to recording telephone conversations and electronic communications. The current rules relating to recording came into effect with MiFIDII on 3 January 2018. The telephone conversations and electronic communications referred to are those that are intended to result in the performance […]
We wrote recently about the coming of investment pathways and what it means for advisers. See here. Although the rules are primarily aimed at drawdown providers, there is some very brief GUIDANCE for advisers that states: When a firm is making a personal recommendation to a retail client about the investment of funds in the […]
Should clients take Abridged Advice?
Paul Caine Compliance 2018, abridged, DB Pension, FCA, MiFID, Pension, Pension Transfer, Switch, TCF, transfer
Assessing suitability has always essentially been based around the same overarching principles … The recommended product type should meet the client’s profile and needs? The actual product recommended should be the most suitable, taking account of features and costs. In relation to the second principle, the cliché about cheapest is not necessarily the […]