May 2019
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Latest - REGULATION / COMPLIANCE

  • The problem that is Guaranteed Minimum Pensions

    15 April 2019

    Equalisation of benefits for Guaranteed Minimum Pensions is causing problems for pension schemes in terms of benefits and transfer values and requires clarification from DWP, says Fiona Tait, technical director, Intelligent Pensions Guaranteed Minimum Pension (GMP) has been in the ‘too difficult’ box for so long that for many of those reading this article...

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  • Pet hates of a file reviewer – Part II

    8 April 2019

    Readers of Professional Paraplanner will no doubt recall my article on this subject. It contained our top 12 pet hates, in reverse order. It was half in jest and a bit in earnest. Since then we have identified a few more grumbles related to file checks, so we thought it was about time for...

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  • STAR initiative to improve transfer times receives boost from FCA

    3 April 2019

    STAR reports a growing community of firms is signing to its initiative, which was highlighted in the latest FCA Investment Platforms Market Study report. STAR is aimed at delivering an industry standard for the transfer and reregistration of consumer’s money and investments from one financial company to another, thereby significantly improving the transfer performance...

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  • Conflict of interest coming under greater FCA scrutiny

    31 March 2019

    Advice firms must review their conflict of interest policies and identify all conflicts whether actual or potential, says ATEB Consulting’s Steve Bailey MiFID II tightened the regulations around how firms deal with conflicts of interest. Firms must manage conflicts, not merely disclose them. Disclosure of a conflict of interest is a measure of last...

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  • Compliance will come more under the FCA spotlight

    24 March 2019

    We can expect the Regulator to take a greater interest in firms’ compliance operations this year, says ATEB Consulting’s Steve Bailey The FCA expects those with Compliance Oversight (CF10) responsibilities to challenge management where compliance with regulatory standards and requirements is at risk. The FCA has stated, “… your job … is to force...

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  • Cathi Harrison asks: What direction for the financial advice market?

    19 March 2019

    Will we see a shift from smaller to large financial advice companies and what may be in the best interests of the client? Cathi Harrison. MD of Apricity Compliance muses on the current trend for growth and consolidation. Recently, an article caught my eye in relation to the Pearson Jones name being replaced by...

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  • FCA questions adviser firms’ practice of charging to switch platforms

    14 March 2019

    The regulator has questioned whether financial advice firms can justify charging clients to switch platform, when this is part of the ongoing suitability process.  Raised as part of its Investment Platforms Market Study, the FCA has said it is considering “whether we should clarify our expectations for advisers that are charging their clients for switching platforms through...

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  • FCA proposes platform exit fees ban to improve competition and help cost comparison

    14 March 2019

    The FCA has said it will ban exit fees charged by some platforms to switch out of their service. It is also advisers who charge for platform switching.  The move was announced in the Investment Platforms Market Study Final Report as part of the regulator’s focus on improving competition in the market and improving service and transparency...

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