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.
Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.
ATEB Compliance offers compliance and regulatory advice.
ATEB Suitability provides report writing software for the financial services market.
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
The FCA’s latest business plan indicates where their focus will be. Read this to understand how some of these affect you.
Further to the Budget 2016 announcement and recent Mortgage Credit Directive implementation please note the following changes to ATEB suitability for your records. Effective from midnight 21st March 2016 – APR replaced with APRC for Mortgages; – APRC definition added to Mortgage Glossary of Terms. Effective from midnight 1st April 2016 – Update to Stamp Duty […]
We are pleased to announce the appointment of Alistair MacDougall as Technical Manager. Alistair brings a wealth of industry experience to ATEB, having worked in Financial Services since 1973. Previous roles include Head of Academy for Capita/Lloyds Bank and a variety of senior management roles for a national IFA. Alistair founded and ran a consultancy […]
Overview and comment on the FAMR.
Second mortgages and independence
Alistair MacDougall Compliance 2016, FCA, Mortgage
New rules came into effect on 21 March around advising on second charge loans. How do they affect independence?