The Senior Managers and Certification Regime will undergo its final extension to all solo regulated* firms in December. We are working on a guide and other materials to assist firms.
Meantime, the FCA has published a video that you might find helpful.
The video can be accessed here.
* A solo regulated firm is a firm that is regulated only by the FCA (and not also by the PRA).
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.
ATEB Compliance offers compliance and regulatory advice.
ATEB Suitability provides report writing software for the financial services market.
Although SM&CR for solo regulated firms does not commence until December, firms will benefit from doing some preparation in the coming months. This video might be of interest.
We are working on some materials and tools that will help firms prepare for SM&CR. Watch this space.
For information.
Since the end of the BREXIT transitional period on 31 December 2020, we have received quite a few queries from firms asking if and how they can continue to service clients in Spain or France or another EEA country now that passporting is no longer available for UK firms. In the months leading up first […]
We have recently been made aware of scam emails appearing to request firms to provide information via RegData, which the FCA have confirmed is not an official data request. Click here for the latest update from the FCA on the current scam emails in circulation.
In Market Watch 66, the FCA reminded firms of its requirements for firms in relation to recording telephone conversations and electronic communications. The current rules relating to recording came into effect with MiFIDII on 3 January 2018. The telephone conversations and electronic communications referred to are those that are intended to result in the performance […]
We wrote recently about the coming of investment pathways and what it means for advisers. See here. Although the rules are primarily aimed at drawdown providers, there is some very brief GUIDANCE for advisers that states: When a firm is making a personal recommendation to a retail client about the investment of funds in the […]
Should clients take Abridged Advice?
Paul Caine Compliance 2018, abridged, DB Pension, FCA, MiFID, Pension, Pension Transfer, Switch, TCF, transfer
Assessing suitability has always essentially been based around the same overarching principles … The recommended product type should meet the client’s profile and needs? The actual product recommended should be the most suitable, taking account of features and costs. In relation to the second principle, the cliché about cheapest is not necessarily the […]