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 is encouraging firms to ensure they are registered on Connect.
The FCA has stated its position on phoenixing type practices.
There is an ever increasing use of DFM solutions for client portfolios but many firms might not have authority to refer clients to a DFM.
The FCA has issued some further gudance for firms.
FCA letter to DB Transfer firms
Alistair MacDougall Compliance 2019, FCA, Pension, Pension Transfer
The FCA is writing to around 1700 firms requesting that firms review their transfer advice processes and report back.