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
We are delighted to announce that our new and upgraded Member’s Area will be available on Monday 9th May. Aligned to our current standards and branding, it provides access to a comprehensive toolkit of processes, procedures and templates, as well as training material, such as webinars and supervisory workshops. We will be adding […]
We have covered regulatory requirements around replacement business, more commonly referred to as switch business, before. As this appears to comprise a significant proportion of the source of many firms’ business, it is always relevant to revisit this from time to time. You can link to our previous articles here. It is particularly relevant to […]
Back in June 2020, the FCA published an ‘advice checker’ to help consumers assess whether pension transfer advice they had received might be unsuitable and might warrant a complaint. This has now been updated and relaunched. Details can be found here and the page includes a link to the checker itself. It is interesting […]
The FCA has made the following announcement. “This morning we have announced that we are using emergency powers to prevent certain financial advice firms, who advised members of the British Steel Pension Scheme (BSPS), from disposing of assets to avoid paying compensation. This follows our previous announcement on proposals for a redress scheme for former BSPS members. […]
New FCA fee for Form A applications
Lisa Cross Compliance 2020, 2022, FCA, Senior Manager, Update
We have been advised by the FCA as follows: “Following our recent revalorisation of the application fees earlier this year, on 24 January we advised that we would be introducing a new charge of £250 for standalone long Form A applications both for Senior Manager Functions and Controlled Function for Appointed Representatives. We […]