Following consultation by the Prudential Regulation Authority (PRA) the Financial Services Compensation Scheme (FSCS) is to increase its protection for deposits back to £85,000 per individual per institution (banks, building societies and credit unions) from 30 January 2017.
The increase has been prompted by the weakening of the Pound against the Euro.
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For information
Review and update all documents that refer to the FSCS deposit protection to reflect the increase to £85,000, particularly disclosure and proposition documents
Although the new rules do not take effect until May 2018, it makes sense to consider them alongside MiFID disclosure changes.
Suitability remains much the same as pre-MiFID II but there are some changes that firms need to be aware of.
MiFID II brings a new definition of independence – firms need to consider if they can meet the requirements.
Firms need to understand the implications of the MiFID II definition of independent advice.
December 2017 Update
David Anderson Suitability 2017, MiFID, Mortgage, Update
New MiFID II ‘Confirmation of Continued Suitability’ Process