Significant changes to the rules around pension transfer advice apply as from 1 October 2020. The changes include, the option of abridged advice, new requirements for suitability reports, the need to consider a workplace pension as the destination for transferred funds and, not least, the ban on contingent charging.
We have published summaries of the rules in previous articles which you can read here.
To supplement those summary articles, we will be running a series of webinars, starting late October, that will provide more detailed explanation of what is required and how firms can satisfy the new rules.
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 […]