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.
FOS award limit to remain unchanged
Richard Foster Compliance 2019, 2020, 2021, complaints, FCA, FOS, PI
The FCA has made the following announcement about the FOS award limit. “When we increased the Financial Ombudsman Service’s award limit in April 2019 we said that each year, from 1 April 2020, we would adjust the award limits for complaints referred to the service on or after 1 April 2019 to ensure they keep […]