Avoid it! Don’t assume that your clients will understand technical terms and acronyms. Yes, there has to be a degree of technical information, but wherever possible, explain this in simple terms.
We like the ‘granny test’ (with the greatest respect to all grannies all over the world) i.e. if your granny (or wife, husband, partner, aunty, uncle or best mate) can understand it, then you’re on the right track.
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 should have heads of compliance and money laundering reporting officers (MLROs) who are suitably competent and capable of effectively performing the roles. It is appropriate to carefully consider how individuals can demonstrate this ahead of seeking regulatory approval. The FCA have recently issued guidance which should help firms decide if an individual candidate is […]
Regulatory references are central to the Senior Managers & Certification Regime (SM&CR). They help firms make informed decisions about the fitness and propriety of individuals to whom they intend to assign Senior Management or Certification Functions (or appoint as non-approved Non-Executive Directors). In response to feedback on the challenges firms face when obtaining regulatory references, the FCA has […]
The riveting read that is the FCA’s 2021/22 Business Plan sets out their consumer priorities for the year ahead. One of these priorities is to enable consumers to make effective investment decisions as documented in the recently published Consumer Investment Strategy here . To those of us longer in the tooth, much of this has been seen […]
We have received details of the latest COVID survey from the FCA. See below for Tranche 2 dates. “Many of you will be aware that we issued the first phase of the Covid-19 Impact Survey in June 2020, covering around 13,000 firms across 15 Supervision portfolios (Tranche 1), and then rolled this out […]
Discounting advice options
Alistair MacDougall Compliance FCA, Pension, Pension Transfer, PI, transfer, Update
A question that pops up from time to time is whether there is a need to discount potential options that are not being recommended. This was something that, in the early days of regulated advice, a few firms used to require advisers to include in suitability reports. Some still do. However, there has never been […]