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
The FCA is consulting on proposed guidance to firms in dealing with vulnerable clients.
While this paper is mostly of relevance to Pension Providers, there are some implications for advisers.
See here for dates and registration details.
The FCA has stated clearly that monitoring firms’ implementation of the Conduct Rules will be a key focus in future reviews of of SM&CR.
FCA video guide to pension transfer advice for consumers
Alistair MacDougall Compliance FCA, Pension, Pension Transfer
Although aimed at consumers, firms involved in transfer advice would do well to view the video.