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
More Choice – More Flexibility – More Relevance
A increasingly common desire since pension freedoms were introduced in 2015 … but advisers should be wary!
Many firms will need to make changes to their suitability processes.
Something to watch out for when advising clients with enhanced TVs.
Senior Managers Regime
Alistair MacDougall Compliance 2016, FCA, SM&CR
This will be extended to all firms during 2018 and has some significant impacts.