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.
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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.
The FCA has published a Thematic Review report which provides some observations around the quality of wind-down planning in firms. The report can be read here. A brief summary of the key observations is noted below. Liquidity During wind-down a firm must continue to pay its liabilities as they fall due. Failure to do […]
The FCA’s proposed Consumer Duty is getting a lot of airplay in the trade media. First mooted in the FCA’s business plan a while back, it has been the subject of a couple of consultation papers, namely CP21/13 (May 2021) and CP 21/36 (December 2021). We have already written briefly about the Consumer Duty […]
In March 2019 the FCA published PS19/8 to increase the ombudsman service’s award limit from £150,000 to £350,000 for complaints about acts or omissions by firms on or after 1 April 2019. It was increased to £160,000 for complaints referred to the service on or after 1 April 2019 about earlier acts or omissions. At […]
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Pension Transfer charging
Alistair MacDougall Compliance abridged, FCA, P1, Pension, Pension Transfer, PI, transfer
Policy Statement PS 20-06 stated that a firm providing pension transfer advice “… may also not charge less than it would charge for investment advice of the same value”. That seems clear enough, but the rule that gives effect to this statement is subtly different. COBS 19.1B.7 states: “A firm should not charge less […]