FIN.

Category - Pensions

Bills not to progress due to election

Parliament has updated its webpages in respect of the Goods Mortgages Bill, the Pension Schemes Bill and the Financial Services Duty of Care Bill.  The 2017-2019 Parliamentary Session was dissolved on 6 November ahead...

FCA issues statement for SIPP operators

The FCA has issued a statement following the administration of Berkeley Burke SIPP Administration Ltd (BB) and the administrator’s decision to discontinue BB’s judicial review appeal. BB was involved in...

FCA updates on Brexit preparations

In a recent speech, Andrew Bailey, the chief executive of the FCA, provided an update on the FCA’s state of preparation for Brexit, and in particular for a no-deal, no-transition Brexit scenario. However, while Mr...

FCA publishes quarterly consultation

FCA’s latest quarterly consultation covers a number of minor changes to the rules that will be made only if there is a no-deal Brexit on 31 October,  and also other miscellaneous amendments including: minor...

No strong case to merge Ombudsmen

“There is not a strong case to merge TPO and FOS at the present time” is the conclusion of a tailored review of the Pensions Ombudsman (TPO) published by the DWP.   A merger between the two Ombudsmen...

Regulators launch new ScamSmart campaign

The FCA and the Pensions Regulator are running another media campaign over the summer to warn the public about pension scams. With new research suggesting that 42% of pension savers are potentially at risk (which would...

FCA publishes SMCR final rules

FCA has at last published its final rules on extending the SMCR to solo-regulated firms, including CMCs. It has, in the main, implemented the changes it consulted on in its consultation on “optimising” the...

Tribunal refuses suspension application

Sussex Independent Financial Advisers Limited had applied to the Tribunal for a suspension of the FCA’s decision to vary its permission to remove all its permitted activities on the basis that the firm did not...

Updated FCA and PRA MoU published

The FCA and the PRA have updated the MoU setting out the relationship between the two regulators and the way in which they respectively operate, particularly in common areas. The MoU was first published at the time of...

FCA discusses AI in financial services

In a recent speech, Christopher Woolard of the FCA considered three lenses through which the FCA views the issues relating to AI: what are new, and what are existing issues; how to ensure that AI creates value for...

FSCS sets next year’s levy

FSCS has set its 2019/2020 levy.  It will be £532m, which is slightly more than its forecast, but still less than the 9 month levy for last year (had it been a 12 month levy). FSCS puts the increase down to an uplift in...

FCA proposes 2 new duties for IGCs

The FCA is consulting on proposals to extend the remit of Independent Governance Committees (IGCs). The FCA proposes that IGCs, which provide independent oversight of the value for money offered by workplace personal...

FCA publishes final no-deal Brexit rules

Perhaps in anticipation of what would follow later in the day, FCA published its final instruments and guidance that would apply in the event of a no-deal, no-implementation period Brexit, on the morning of 29 March...

Will SMCR hold up pension transfers?

Pension scheme members wishing to transfer their benefits from a defined benefit (DB) to a defined contribution (DC) pension arrangement have to take financial advice and trustees of DB schemes are required to check...

FCA looks at life beyond Brexit

In a speech on Brexit delivered by Nausicaa Delfas, Executive Director of International, the FCA reminded firms that the deadline for notifications under the temporary permissions regime is 28 March 2019.  Firms that...

UK pension plan gets fraud victory in US

We have written an article on the litigation involving a UK pension plan and a US entity in which it had invested. The pension plan alleged securities fraud on the part of the investee company, and succeeded in winning...

FCA updates rules

FCA has made a number of amendments to various parts of its rulebook, including: amendments to COBS on information relating to pensions savings, taking effect from November 2019 and April 2020; introducing a Devolved...

BoE and FCA update on Brexit approach

BoE and FCA have updated their respective websites with coordinated information on their approach to a hard Brexit. BoE has published a series of materials setting out its updated plans to its supervisory approach to a...

ESMA creates Brexit page

ESMA has created a new web-page on Brexit, setting out how it is preparing for it.  Its latest agreement is a MoU with BoE for recognition of CCPs and the Central Securities Depository.  It aims to recognise all UK CCPs...

New FCA portal for mutual societies

The FCA has launched a new portal to enable mutual societies complete tasks and submit information to the FCA that was previously done online or by post, such as the submission of annual rules and accounts and...

FCA publishes sector views

FCA has published its “Sector Views” setting out its observations from monitoring its 7 selected sectors of: retail banking retail lending general insurance and protection pensions and retirement income...

Single Financial Guidance Body launched

The Single Financial Guidance Body (SFGB) was launched on 3 January 2019. It brings together three existing providers of financial guidance – the Money Advice Service, the Pensions Advisory Service and Pension...

PRA consults on Brexit measures

As part of its preparation for onshoring EU legislation, the PRA has published CP32/18.  This consultation paper contains two consultations: the first sets out the PRA’s proposals regarding the PRA Rulebook and...

FCA final rules and guidance for CMCs

Following a consultation earlier this year, the FCA has published a policy statement setting out the new rules and fees that will apply to claims management companies (CMCs) from April 2019. From 1 April 2019, the FCA...

FOS consults on plans for 2019/20

The FOS has published a consultation on its plans and budget for 2019/2020. It notes that from April 2019, its jurisdiction will be expanded by the addition of two significant areas of work: complaints made by SME...

Consultation on Pensions Dashboard

The Department of Work and Pensions (DWP) is consulting on proposals to create an industry-led system of multiple dashboards which will allow millions of people to access their pension facts and figures from most...

DExEU publishes draft political declaration

On 22 November 2018, DExEU published the Draft Political Declaration setting out the framework for the future relationship between the United Kingdom and the European Union (“Draft Declaration“). The Draft...

FCA consults on fees and levies

FCA is consulting on policy proposals for its proposed regulatory fees and levies for 2019/2020. Among the proposed changes is a plan to streamline the process of setting consumer credit fees by exemption community...

DexEU announces Brexit progress

The Department for Exiting the EU published a press statement alongside the announcement on 14 November that the UK and EU negotiating teams had reached an “in principle” agreement on the Withdrawal...

ESMA briefs on suitability

ESMA has updated its supervisory briefing for regulators on the suitability requirements under MiFID 2. The briefing covers: when a suitability assessment is needed; information to clients on the assessment; getting...

Ombudsman News focuses on retirement

The latest edition of Ombudsman News looks at complaints and trends around pensions. Complaints about pensions make up a very small proportion of all complaints, but as a pension is so important to consumers, FOS has...

FCA writes to CEOs on SIPP due diligence

FCA has written a “Dear CEO” letter on the duties of SIPP operators in respect of due diligence. The letter refers to the judgement in the Berkeley Burke case and several other pending civil claims, and asks...