Further to our recent article regarding the FCA’s plans to launch a new online invoicing portal, the FCA has confirmed that the new portal has gone live on schedule, 12 April.
As with the previous portal, firms can use the portal to access their invoices and arrange payment of their fees. Visit the FCA website to access the new portal and find more information on the steps required if logging into the system for the first time.
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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 […]
The FCA has consulted on proposed changes to the Appointed Representatives (AR) regime. The proposed changes aim to reduce potential harm arising across the sectors where they operate. The context in which these changes are considered necessary is that FCA data show that principals have more complaints per £1m of revenue compared to non-principals, […]
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 […]