The Senior Manager and Certification Regime (SM&CR) applies to almost every UK solo-regulated firm, from very small firms (including sole traders and limited permission consumer credit firms) to some of the largest global firms.
The FCA has released what it calls an ‘explainer video’ to aid firms with implementation of the Certification Regime and the Conduct Rules ahead of the deadline on 31 March 2021.
You can view the short video here.
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The Financial Services Compensation Scheme (FSCS) is the UK’s statutory ‘fund of last resort’ for customers of authorised financial services firms. The FSCS provides compensation when certain authorised financial services firms are unable, or likely to be unable, to meet claims against them. The FSCS’s operating costs and compensation payments are funded by levies on […]
The FCA has launched a consultation (CP21/34 ) which is intended to improve the appointed representatives regime and tackling harm from this model. The consultation arises from what the FCA describes as ‘a wide range of harm across all sectors where firms have ARs. This harm often occurs because principals don’t perform enough due diligence before appointing an AR, or […]
The FCA has published a consultation paper on proposed policy changes to the way its fees will be calculated from 2022/23. The paper includes proposed increases to the fees financial services firms pay to cover the cost of regulation. In the April 2021 fee consultation, the FCA said it would undertake a review of […]
We have seen a very large number of pension transfer suitability reports since the introduction of the pension freedoms that came out of the Pensions Act 2015. Many of these displayed two common threads running through the recommendation. First, many of the clients apparently wanted ‘flexibility’. Second, those same clients wanted ‘control’. These two […]
Advising non-UK clients
Alistair MacDougall Compliance Conduct, EEA, email, EU, FCA, MiFID, passport, PI, vulnerable
Despite the fact that the UK ceased to be a member of the EU/EEA almost a year ago, we are still asked for advice around how a UK firm can take on a new non-UK client or continue to deal with such clients that the firm had pre-BREXIT. We have written before about the general […]