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.
How the FCA’s assessments of suitability have developed.
In this final article of the series, we cover the remaining items from PS20/06.
On 5 June, the FCA published the long awaited policy statement following its consultation from 2019, CP 19/25. The policy statement was accompanied by a substantial Guidance Consultation covering the FCA’s proposals for guidance on how firms should implement the new rules. Consultation feedback is required by 4 September 2020.
This policy statement covers far more than the ban on contingent charging for transfer advice.
Suitability Reports: Who is Fred?
David Anderson Suitability complaints, Pension, PI, Update
There is an old joke about a man going to his dentist, picking up a magazine in the waiting room and reading that the Titanic had sunk. This reference to how out of date dentists’ reading material can be is unfortunately not merely a mildly amusing joke or restricted to dentists.