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 date for certifying staff has been deferred in light of the current health emergency.
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The FCA is issuing a further data request to firms in the DB transfer market.
The FCA is now preparing to gradually move firms across to RegData, the new data collection platform, which replaces Gabriel.
PS20/06 – part one: ban on contingent charging
Alistair MacDougall Compliance 2020, FCA, Mortgage, Pension, Pension Transfer, PI
The first of four articles explaining the implementation and implications of Policy Statement PS20/06.