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
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The FCA is continuing its mass mailing of a letter to firms that have done transfer business – action is required.
Capacity for loss continues to be misunderstood by firms, and the providers of third party tools that purport to assess it.
Do you need discretionary permissions?
Alistair MacDougall Compliance 2018, FCA, PI
Firms need discretionary permissions to outsource to a Discretionary Investment Manager.