The FCA published a warning on 1 April about how some firms are promoting Innovative Finance ISAs (IFISAs). The FCA has seen evidence that IFISAs are being promoted alongside cash ISAs.
This is problematic because investments held in IFISAs are generally high-risk. The money is ultimately invested in products like mini-bonds or peer-to-peer investments.
In addition, these types of investments may not be protected by the Financial Service Compensation Scheme so customers may lose the money invested or find it hard to get it back because of liquidity issues.
Operational resilience: preparing for the switch from analogue to digital phone lines
Richard Foster Compliance FCA, Switch
The FCA has recently issued a reminder to firms about forthcoming changes to the UK telephone system. The current analogue phone network (known as the Public Switched Telephone Network or PSTN) is starting to be switched off across the UK. It will be completely decommissioned by the end of 2025, migrating to a […]