The FCA has issued two unambiguously titled pension alerts that are essential reading for advisers that provide advice on pension transfers.
We will not summarise the documents here as they are concise, self-explanatory and very relevant. Follow the links below to read the alerts.
‘Advising on pension transfers – our expectations’ is aimed directly at advisory firms.
‘Pension scheme operators are at risk from smarter scams’ will also be of interest to advisers.
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These alerts are essential reading for every firm and adviser involved with Pension Transfer advice.
Most readers will be aware of the FCA’s successful legal action in what has been widely referred to as the Avacade case, which is how we will refer to it in this article. In fact, the case was brought against a number of defendants/appellants, namely: AVACADE LIMITED (in liquidation) (trading as AVACADE INVESTMENT OPTIONS) […]
We have received the following correspondence from the FCA: “On 12 August 2021, we sent the below e-mail* informing you of our plans to issue a Covid-19 Impact Survey to firms in Tranche 2 for a fifth time. We have since identified a discrepancy with the survey links (issued between 23-25 August 2021). […]
The FCA is consulting on moving some decision-making from its Regulatory Decisions Committee (RDC) to its Authorisations, Supervision and Enforcement Divisions. This will give greater responsibility for decisions to senior members of FCA staff close to the matters. The consultation (CP21/25) has been published and will close on 17 September. In particular, the FCA is proposing a […]
There is a longstanding regulatory principle (Principle 8) that a firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client. Specific rules give effect to that principle. Some readers will recall the change of emphasis around conflicts of interest rules that arrived with MiFID II […]
Trust Registration Service – update
John Begg Compliance 2017, 2020, 2021, EU, ML, Pension, PI, Register, transfer, Update
New rules, transposing the Fifth Money Laundering Directive (5MLD) into UK law took effect on 10 January 2020. One impact of the rules was to broaden the scope of the Trust Registration Service (TRS) requirements. you can read more about 5MLD and TRS here. In brief, the previous rules required that all express trusts that […]