Following concerns raised about firms’ disclosure of charges and services post RDR, the FCA has published an assessment template to assist firms to review their documentation.
The FCA plan to use this template to assess firms’ disclosure when carrying out the next cycle of their review, which starts in mid-July.
They expect to see significant improvements in this area and if they continue to identify firms that are failing to meet the disclosure requirements, they will consider what further regulatory actions are appropriate.
The use of this template is not compulsory, but all firms are encouraged to use it to assess standards and to make any necessary changes to their client facing documentation. A copy of the assessment template should be retained.
The Disclosure Assessment template, together with accompanying notes and explanatory video, can be accessed here.
Further useful supporting documentation can be found below:
New FCA fee for Form A applications
Lisa Cross Compliance 2020, 2022, FCA, Senior Manager, Update
We have been advised by the FCA as follows: “Following our recent revalorisation of the application fees earlier this year, on 24 January we advised that we would be introducing a new charge of £250 for standalone long Form A applications both for Senior Manager Functions and Controlled Function for Appointed Representatives. We […]