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 have received the following from the FCA. ATEB can help firms get over the line – call +44 (0) 191 338 8177 or email info@atebcompliance.co.uk “As you are aware, solo regulated firms were required to assess their certified staff as fit and proper; and submit relevant Directory Persons information to us by 31 March […]
We wrote about the background to updated redress guidance following the Chancellor’s announcement of changes to the way that the Retail Prices Index (RPI) inflation measure is calculated from 2030. You can read that article here. The FCA’s transfer redress guidance has now been duly updated and can be accessed here. The changes affect all […]
Here is a question. If a client is being recommended NOT to transfer, do you still need to identify a destination arrangement for transferred funds? This question has been raised recently as we have seen an increase in the number of cases where the recommendation is ‘do not transfer’ and, at first sight it seems […]
The FCA has launched a whistleblowing campaign ‘in confidence, with confidence’ to encourage individuals working in financial services firms to report potential wrongdoing. Whistleblowing is considered vital to expose poor practice and prevent wrongdoing in activities regulated by the FCA. Firms’ senior management are expected to have effective whistleblowing arrangements in place to enable employees to raise […]
FG 21/3 – client objectives
Alistair MacDougall Compliance Drawdown, FCA, ML, Pension, Pension Transfer, PI, transfer
Following on from our previous articles on FG21/3, we will look today at another of the interesting areas covered by the guidance. It goes without saying that the guidance itself is helpful, reiterating and emphasising previous rules and guidance and clarifying some areas that were arguably fuzzy before. However, as well as the actual content, […]