Tag Archives: advice
FCA feeds back on FAMR
FCA has published a policy statement on its consultation on FAMR and insistent clients. Respondents were generally supportive of FCA’s proposed PERG guidance and also asked for more guidance in some areas. FCA will publish the new guidance in early 2018 and directs firms wanting to make use of the amendment to the RAO definition […]
FCA speaks on financial advice
Megan Butler has spoken on assessing the value of financial advice. She spoke of the growing importance of financial advice as increasing numbers of people need help making “sense” of their choices. Recent FCA studies have shown that, in 2015, 93.1% of advice on investments, pension accumulation and retirement outcomes was suitable. This figure was […]
FCA speaks on challenges of ageing population
Andrew Bailey, speaking at Mansion house, looked at some of the challenges FCA faces as financial conduct regulator. He focussed particularly on: consumer credit – particularly on its rapid growth and the role of high-cost credit. He explained what FCA is doing to help those with persistent credit card debt and how it is trying […]
FCA updates on defined benefits concerns
FCA has updated on its work looking at how firms are advising customers on defined benefit pension transfers. It had noted the risks that many firms refer their customers to specialist transfer firms. FCA is concerned these transfer firms sometimes give advice without considering the receiving scheme or investments, or knowing the intentions of the […]
Rise in complaints for PPI
This week FOS published its regular newsletter in which it discussed: a rise in consumer credit complaints; statistics on complaints received in the first quarter of 2017/2018; and an update on PPI and the FCA’s new rules and guidance FOS’ Annual Review The annual review published earlier in the summer by FOS identified that complaints about […]
FCA publishes thematic review on customer understanding of retailing banking products
On 17 July FCA published a thematic review on customers’ understanding of retail banking products. The review was undertaken amid growing concerns that some customers fail to understand the key features of many financial products and that this may expose them to harm. The review covered 18 firms, and involved FCA looking at the firms’ data […]
FCA updates on FAMR
FCA has announced the names of the 17 firms who have to date participated in its advice unit . There have been two cohorts of firms, representing deposit-takers, pension firms, IFAs and wealth managers and has included firms that provide web-based services. The unit is now expanding to include also firms that are developing automated […]
FCA updates on unauthorised business risks
FCA has reminded firms of the risks of accepting business from unauthorised introducers or lead generators. It stresses that authorised firms may be held responsible for unsuitable advice given by an introducer, and has noted with concern that an increasing number of introducers appear to have influence over how authorised firms run their business. It […]
Removal of ineffective disclosure requirements from FCA Handbook
The FCA’s policy statement PS16/23 follows its consultation paper CP15/32 which contained its proposals to remove certain disclosure requirements from the Handbook. The policy statement confirms the removal of ‘ineffective’ requirements as part of the FCA’s focus on promoting smarter customer communications. The FCA has decided to remove the rules and guidance around the following documents: […]
Treasury consults on financial advice amendment
Treasury is consulting on amending the definition of “giving investment advice” under the Regulated Activities Order to bring it into line with MiFID. The current definition is broader than MiFID, and the Financial Advice Market Review found it was confusing to firms, many of whom were not giving as much “guidance” to customers as they […]