The rights of pension scheme members to transfer, that were established in the Pensions Act 2015 are no longer absolute from 30 November 2021. From that date, in an attempt to identify potential scams and prevent members becoming victims, trustees and scheme managers must ensure specific checks are made before complying with a member’s […]
We previously issued a newsletter in February 2021, outlining government proposals to increase the Normal Minimum Pension Age (NMPA) from 55 to 57, with the change due to come into effect from 6 April 2028. This means that from April 2028, the earliest a member of a pension scheme will be able to access their […]
Policy Statement PS20-06 states: “A firm may set a different level of non-contingent charges if they are not undertaking the full range of advising and related services that are normally provided alongside DB transfer advice. For example, if a firm is not advising on the proposed destination for the funds, it could offer lower charges […]
Occasionally, we come across firms that are ‘Principal Firms’ – i.e. the firm has Appointed Representatives (AR) but where one or more individuals straddle both the Principal and the AR. This can raise questions around the applicability of SM&CR to such individuals since the SM&CR does not apply to ARs. Why does the SM&CR not […]
The FCA is requesting completion of a survey from firms with Appointed Representatives (ARs). Where applicable, firms may already have received this. Given the risk of scams, the FCA now takes care to pre-warn firms that a communication is genuine. We have had confirmation that the following survey and email addresses used are legitimate. […]
We have completed the latest upgrade to ATEB Suitability on 27th October 2021. This update comes at no additional cost and provides various template enhancements. Full details of the enhancements can be found in the tables below, but some of the highlights are: Upgraded ‘Agreed Objectives & Priorities’ section For firms who prefer to capture […]
We have received the following from the FCA. “Many of you will be aware that we issued the first phase of the Covid-19 Impact Survey in June 2020, covering around 13,000 firms across 15 Supervision portfolios (Tranche 1), and then rolled this out to a further 9,500 firms in 21 portfolios (Tranche 2) […]
The FCA set out in its Business Plan 21/22 how it is changing to improve performance and meet future challenges, including plans to make changes to be faster, more targeted and more efficient. A few of the key areas of focus are summarised below, including specific information about a new process that the FCA intends […]
FCA Policy Statement PS18/20 introduced a new requirement that all Pension Transfer Specialists (PTS) must hold the Level 4 qualification for providing advice on investments as defined in the Retail Distribution Review (RDR), before they can advise on or check pension transfer advice. The rationale behind this was that, while a PTS may not always […]
Conduct Rules Breaches – follow up
Huw Reynolds Compliance Conduct, FCA, Pension, Senior Manager, Update
We wrote recently about the Conduct Rules and, in particular, breaches and notifications . See here. This article is intended to clarify some of the grey around COCON breaches. All of the following is taken from Policy Statement PS 18-14. When is disciplinary action required? When and how a firm decides to undertake disciplinary action […]