Following the FCA’s recent guidance consultation, it has now published Finalised Guidance 15/10 ‘Risk to customers from performance management at firms’ that can be found here.
In this document the FCA clarify the importance of culture within a firm to ensure the customer is at the heart of how a business is run.
It looks at performance management that includes:
- formal processes – such as appraisals and underperformance procedures;
- sales targets (or their equivalent); and
- other less formal day-to-day interactions and communications between sales staff and managers about sales results that influence behaviour (both written and verbal) – much of which may not be documented.
It highlights practices that can create undue pressure and, very importantly, it gives examples of good practice.
The FCA summarises the expectations on firms as follows:
All firms with staff who deal directly with retail customers should read this report and consider:
- how their approach to performance management may increase the risk of mis-selling;
- whether their governance and controls are adequate; and
- taking action where required to ensure the risks are adequately managed.
Minimum Pension Age Regulatory Change in ATEB Suitability
Doug McFarlane Suitability 2021, Evalue, NMPA, normal minimum pension age, Pension, platform, transfer, Update
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 […]