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.
Transfer advice is complex and may not always be able to be delivered properly before the CETV guarantee expires.
Both of these carry risks for firms. It is essential to understand the regulatory position.
The FCA is planning a new platform to collect data from firms.
What timescales and standards should Scheme Administrators be working to when a member wishes to transfer benefits?
BREXIT latest FCA position statement
Alistair MacDougall Compliance 2019, 2020, FCA, GDPR, Pension, PI
Given recent changes in the UK’s position on BREXIT, the FCA has updated its guidance.