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Latest - REGULATION / COMPLIANCE

  • Warning as cloning and identity scams cost investors millions

    27 January 2021

    Victims of investment fraud lost an average of £45,242 last year after the Covid-19 pandemic spurred a spike in the number of scammers. In total, ‘clone’ scammers purporting to be legitimate firms stole £78 million from unsuspecting victims in 2020, according to Action Fraud data. The findings showed that the number of scams increased...

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  • Dynamic Planner extends client tool to help meet MiFID II

    25 January 2021

    Dynamic Planner has extended its client reporting tool to help advisers address the different requirements of MiFID II regulation. The new rules stipulate that advisers must report a fund switch or rebalance to the client prior to a transaction. While 70% of platforms provide auto-rebalancing, advisers cannot rely solely upon this functionality without meeting advisers...

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  • Govt looks for £800m through new Dormant Assets Scheme

    11 January 2021

    The UK Government has announced an expansion of its Dormant Assets Scheme, which will unlock more than £800 million to support the UK’s recovery from Covid-19. Dormant assets across the insurance and pensions, investment, wealth management and securities sectors are set to be unlocked, following a four-year review and public consultation. While the scheme’s...

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  • Pension transfers information – a clear candidate for efficiency gains

    21 December 2020

    The process of obtaining client’s information from pension schemes is clearly in need of efficiency gains to be made through greater standardisation. ATEB’s Steve Bailey looks at the Regulators’ attempts to deliver clarity. Firms that provide advice on defined benefit pension transfers will be aware that it is not always straightforward to obtain details...

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  • PIMFA calls on FCA to reduce FSCS burden

    20 December 2020

    PIMFA has implored the Financial Conduct Authority to immediately reduce the cost of the Financial Services Compensation Scheme, after labelling the current system “unsatisfactory.” The trade association has proposed that the FCA fines imposed on firms for regulatory failures contribute to funding the FSCS rather than be paid to the Exchequer. According to PIMFA, this...

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  • Calls for scam protection in Online Harms Bill

    12 December 2020

    The government is not planning to include scam protection in its forthcoming Online Harms Bill but the Money and Mental Health Policy Institute is warning that this a mistake, and that government should give its new online watchdog the powers to prevent firms enabling this criminal activity. The call for action is backed by...

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  • PIMFA urges government to reform FSCS

    1 December 2020

    Financial advice trade body PIMFA has urged the Government and Financial Conduct Authority (FCA) to reform the Financial Services Compensation Scheme (FSCS) to protect consumers and firms.  PIMFA says that every individual that has sought compensation through the FSCS has already suffered a poor outcome and argues that policy should instead be designed to...

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  • Ensuring client understanding – pension transfers and beyond

    23 November 2020

    How can you reasonably assume that the client understands the advice they are being given? Steve Bailey, director ATEB Consulting, points to COBS for direction and offers eight conclusions that can help advice firms achieve that client understanding   Effective communication comprises three aspects. In walkie-talkie speak these would be … – Transmitting –...

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