Since we are coming to the end of the transition year following the change to capital adequacy requirements we thought it appropriate to remind firms that the final rule comes into effect on 30 June 2017.
See our previous news article here /news/capital-adequacy-requirements/ for confirmation of what it will mean for your firm.
Put briefly – if your annual income is less than £400,000 your prudential requirement will be a minimum of £20,000 from 30 June 2017.
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.
Firms need to have a clear understanding of what their new prudential requirements will be
ATEB clients should speak with their account manager as necessary; otherwise contact ATEB here to find out how we can help.
More Choice – More Flexibility – More Relevance
A increasingly common desire since pension freedoms were introduced in 2015 … but advisers should be wary!
Many firms will need to make changes to their suitability processes.
Something to watch out for when advising clients with enhanced TVs.
Senior Managers Regime
Alistair MacDougall Compliance 2016, FCA, SM&CR
This will be extended to all firms during 2018 and has some significant impacts.