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Calls for increased regulation following rise in FSCS bills
The FSCS levy for the 2020/2021 was released earlier this year, causing frustration amongst many advisors in the sector. That frustration continues, with the FSCS making large compensation payments in respect of defined benefit (DB) transfers where many question the lack of earlier FCA intervention, which might have alleviated the problems in this area.
Read moreFCA appoints new CEO
The Financial Conduct Authority (FCA) has appointed Nikhil Rathi, the UK head of the London Stock Exchange, as its new permanent chief executive, making him the first BAME leader of the UK's city regulator.
Read moreEquity Release Market Under the Spotlight
Yesterday the FCA published its key findings from exploratory work involving "later life lending". This type of lending is broadly where consumers 55 and over use borrowing to access cash in later life. One of those options is equity release which was the focus of the FCA's work. The FCA's focus on equity release appears to have resulted from an initial review of the broader later life lending market, at which time the FCA identified some "poor outcomes" in equity release sales.
Read moreFCA advice checker – FCA statement on what customers should look out for in DB transfer advice
Wrapping up the documents published by the FCA on 5 June 2020 on the issue of defined benefit pension transfers (DB transfers), we address in this blog the FCA's "advice checker".
Read moreThe future of DB transfer advice - the FCA's policy statement
In part 3 of our blog series on defined benefit pension transfers (DB transfers) we look at the FCA's policy statement on changes to the DB transfer rules. The change that has attracted most press attention is the ban on contingent charging but there are other parts to the policy statement that are likely to have a much more substantive impact on the DB transfer market going forward.
Read moreHKEX published additional guidance specific to biotech companies
Read moreDB Transfers – the FCA's views on good and bad practice
Continuing our blog series, one of the documents produced by the FCA on Friday was a guidance consultation document intended to meet requests from the industry to help advisers understand the FCA's expectations when advising on pension transfers and conversions. The document includes examples of the FCA's views of good and bad practice in the area of defined benefit pension transfers (DB transfers). The stated aim is to "improve the suitability of DB transfer advice" and "to give advisers confidence to give good advice". The FCA expects firms providing DB transfer advice to read the document and once finalised it is intended that firms use it to identify any weaknesses in their existing processes.
Read moreDB transfers – further findings from the FCA's supervisory review
The FCA produced four documents on Friday addressing defined benefit pension transfers – an update on their supervisory work, a guidance consultation setting out examples of good and bad practice, an "advice checker" for consumers (including helping them consider if they should make a complaint) and a policy statement setting out changes to the defined benefit pension transfer rules which are to largely come into force from 1 October 2020. All are essential reading for an area the FCA continues to fixate on and where it has focussed since the April 2015 pension freedoms.
Read moreUpdate on the FCA's review of Defined Benefit transfer advice
The FCA has been looking to improve the quality of pension transfer advice for some time now. However, despite the crackdown on defined benefit transfers being announced as a strategic priority earlier this year, it appears that factors, such as Covid-19 have put the FCA's investigations into advice suitability on the back foot – for now, at least.
Read moreAdams v Carey – the judgment – over 2 years in the making, where does it leave the SIPP market
More than two years since the trial in March 2018, the High Court has dismissed the claim against Carey Pensions on all counts. The landmark case is sure to have far reaching ramifications for the SIPP industry and beyond.
Read moreFOS complaints and hindsight – categorical statement from the Chief Ombudsman
The FCA has been producing a range of temporary measures with the aim of ensuring that firms can work at pace during the pandemic for the benefit of customers. However, where procedures are bypassed or corners cut what will FOS do in response? The response from FOS to that questions raises another – the use of hindsight when coming to its decisions.
Read moreThe Financial Ombudsman Service's response to COVID-19
A few weeks ago, the FOS announced it was closing its office in response to government guidance but was continuing to receive and respond to complaints both old and new. The FOS' latest newsletter offers useful further insight into the FOS' response to the current crisis.
Read moreSM&CR temporary arrangements extended to 9 months for FCA solo-regulated firms
As well as giving general guidance on its expectations on how solo-regulated firms should be complying with SM&CR during the COVID-19 pandemic, the FCA has announced that it will permit unapproved individuals to cover for Senior Managers for up to 36 weeks. In a separate joint statement, the FCA and PRA confirmed that this rule change will not apply to dual-regulated firms but that the position is under review.
Read moreFCA's expectations of insurance firms
Over the last couple of weeks, the FCA has been publishing information and guidance for firms in relation to the COVID-19 crisis. In addition to its general update on COVID-19, the FCA has set out specific expectations of insurance firms.
Read moreBack to Brexit – House of Lords EU Financial Affairs Committee recommendations on financial services after Brexit
The House of Lords EU Financial Affairs Committee has published recommendations on the financial services industry post-Brexit. The Committee recognised that this may not be a government priority due to COVID19, but EU negotiations and the future of the UK's financial services industry will be important issues in future months.
Read moreCOVID-19: key financial workers
The Financial Conduct Authority (FCA) has released guidance on steps financial services firms should take to help identify 'key workers'.
Read moreCOVID-19 forces POS and FOS office closures – what does it mean for complaints?
The COVID-19 outbreak (and the subsequent UK lockdown) continues to impact our daily lives and it seems the Financial Ombudsman Service (FOS) and The Pensions Ombudsman (POS) are not immune. With office closures announced, we look at the impact this will have on outstanding complaints and those yet to be made.
Read moreNew FCA signposting travel insurance rules
Earlier this month the FCA published a policy statement detailing new requirements aimed at helping consumers with pre-existing medical conditions (PEMCs) obtain travel insurance. The new requirements demonstrate the FCA's continuing focus on improving the treatment and protection of vulnerable consumers accessing insurance and other forms of financial services.
Read moreCOVID-19 – FCA's update for consumers
In the current unsettling time, in addition to publishing guidance for firms, the FCA is keen to maintain contact with consumers. The FCA wants to ensure consumers are being protected and therefore, is providing regular advice on the steps that consumers can take to stay aware of any potential impact on their finances.
Read moreCOVID-19: FCA's update for firms
The FCA's website may not be your first port of call to keep up-to-date on the COVID-19/coronavirus situation here in the UK, but it should be on your list. Why?, you may ask!
Read moreFOS warns consumers to ensure insurance applications correct
The Financial Ombudsman Service (FOS) has warned consumers of the risks in providing incorrect details in relation to insurance policies in a new insight report. The risks include policies being avoided due to misrepresentation or material non-disclosure or potentially facing a significant shortfall due to underinsurance.
Read moreThe FCA's key concerns for the pensions market in 2020
In its Sector Views published on 18 February 2020, the FCA has announced its strategic priorities for the pensions sector for this coming year. Key issues include transfer advice, which continues to be a supervision priority, and poor value products that lead to lower living standards in retirement.
Read moreHappy Birthday to the SIPP
This week marks the 30th anniversary of the first self invested personal pension (SIPP).
Read moreDefined Benefit pension transfers and SIPP FOS complaints on the rise
Official FOS figures from the end of 2019 show Defined Benefit pension transfers and SIPP complaints are on the rise although the percentage of these complaints upheld has dropped. How will the FOS respond in an area where we have seen a heavy CMC presence?
Read moreA new issue for SIPP providers?
Self invested personal pension providers are facing a new type of complaint brought in relation to investments made via investment managers – is this a potential area of risk for SIPPs or is this taking their obligations one step too far?
Read moreFCA sees SM&CR as catalyst and opportunity to transform culture in financial services
Its recent 'Dear CEO' letter, the FCA sets out its expectations on firms and Senior Managers in tackling non-financial misconduct. For some time the FCA has emphasised the importance of culture at firms causing financial conduct issues. In this recent letter, the FCA makes clear that non-financial misconduct will be a key focus for its supervision of firms and senior managers.
Read moreEmerging Risks: crypto-assets under international and domestic regulatory scrutiny
The latest in our emerging risks series of blogs discusses the long-running saga of cryptocurrency regulation. At an international level, the Financial Stability Board has been looking at the regulation of stablecoin. On the domestic front, the Financial Conduct Authority has published a consultation paper regarding the recovery of their costs for supervising cryptoasset businesses.
Read moreActuarial monitoring scheme announced
The Institute and Faculty of Actuaries (IFoA) has launched a new monitoring scheme, designed to improve the effectiveness of actuarial regulation, as well as make wide-spread improvements across the profession. The Actuarial Monitoring Scheme was created following a consultation by the IFoA.
Read moreAbridged Advice and Workplace Pension Schemes - digging deeper into the FCA's Latest Pension Transfer Consultation Paper
Now that the dust has settled on the FCA's latest Consultation Paper on Pension Transfers (CP19/25), is there more to the regulator's proposals than first met the eye?
Read moreThe Senior Managers and Certification regime: The Final Countdown
With only a few months to go until the Senior Managers and Certification Regime (SMCR) is extended to apply to all sole-regulated firms, the FCA has released further near-final rules and produced a report on its findings as to how firms in the banking sector have embedded the regime since March 2016.
Read moreCourt of Appeal guidance on liability of financial advice networks for appointed representatives
In what circumstances is a financial advice network liable for the acts and omissions of its appointed representatives (ARs)? The Court of Appeal has today provided valuable guidance for those operating this business model. The decision will be welcomed by financial advice networks in confirming, in particular, that they are able to place restrictions on the business of ARs for which they have accepted responsibility.
Read moreTrends in FCA Enforcement: the Enforcement Annual Performance Report for 2018/2019
Read moreFCA announces new rules on peer-to-peer lending
The FCA has published its policy statement on peer-to-peer (P2P) lending following a lengthy public consultation into the crowdfunding industry in general. The policy statement introduces a large number of new rules for P2P platforms and includes restrictions on direct marketing to non-sophisticated / high net worth investors unless they are receiving regulated advice, and ensuring such investors do not place more than 10% of their investable capital in P2P platforms.
Read moreBrexit: A blessing or a curse for accountants?
A recent survey has indicated that the accountancy profession is well placed to accommodate the uncertainties surrounding Brexit.
Read moreNew pension transfer data – FCA's concerns remain
The FCA has published the results of data received from firms carrying out DB transfers and set out the next steps in its supervisory work.
Read moreFCA and PRA jointly fine bank for repeated outsourcing failings
R. Raphael & Sons PLC (Raphaels), one of the UK's oldest lenders, has been criticised and fined jointly by the FCA and PRA after it was found that the bank had failed to manage its outsourcing arrangements properly.
Read moreFinancial Reporting Council considers the test for "misconduct"
A recent Financial Reporting Council (FRC) Tribunal decision provides some welcomed clarity on the distinguishing features of misconduct and negligence for those in the accountancy profession.
Read moreAll bets are off for binary options
Following consultation, the Financial Conduct Authority (FCA) announced on 29 March 2019 that, as of 2 April 2019, the sale, marketing and distribution of binary options (including securitised binary options) to retail consumers will be prohibited indefinitely.
Read moreFCA promises "greater clarity" over Crypto regulation
The Financial Conduct Authority (FCA) has made further progress in relation to the regulation of cryptocurrencies such as bitcoin, in an attempt to tackle the growing market. The aim of regulation will be to provide greater clarity to both the industry and consumers.
Read morePension Transfers – FCA provides an end of year report
As the end of the calendar year approaches the FCA's recent publication indicated that the regulator remains concerned as to the suitability of pension transfer advice. If the FCA's recent review was an end of term school report this would be best summed up as "could do much better".
Read moreRegulation of cryptocurrencies inches ever closer
The long awaited regulation of cryptocurrencies has moved one step closer, with the Financial Conduct Authority (FCA) announcing plans to consult on regulation before the clock strikes twelve on 31 December 2018. The news comes after pressure for regulation has grown following a $15 billion crash.
Read moreThe Barclays Case – Criminal Corporate Liability
The UK Serious Fraud Office's (SFO) final attempt to prosecute Barclays in connection with Qatari loans ended on October 26 with the rejection of its High Court application to reinstate criminal charges against the bank.
Read moreAnti-money laundering legislation meets the art market
The art market is often described as the last unregulated market. Even if that is true, it is set to change in the next couple of years, with the market being brought firmly within the ambit of European Union anti-money laundering legislation.
Read moreHong Kong's Court of Final Appeal rules on fraudulent or deceptive conduct in share dealings
In another landmark case for the Securities and Futures Commission (SFC) in Hong Kong, the Court of Final Appeal has ruled on the ambit of section 300 of the Securities and Futures Ordinance (Cap. 571 – the Ordinance), and confirmed that it covers insider trading in shares listed outside Hong Kong.
Read moreCrypto Assets and ICOs as seen by the SMSG - Part 2
On 19 October 2018, the Securities and Markets Stakeholder Group (SMSG) published a report on initial coin offerings (ICOs) and crypto assets. The report is a useful one-stop shop for relevant definitions, classifications and statistics and we summarise the highlights in this two-part series.
Read moreInterest-only mortgages - the new PPI?
A new wave of complaints is hitting the mortgage market, concerning interest-only mortgages taken out before the financial crisis. Why is this happening and what should we look out for?
Read morePart three: food for thought – some key features of the SMCR
Having laid out the basic architecture under the SMCR, this final part of the series looks more closely at various elements of the new regime, which we consider particularly noteworthy and which give rise to specific issues to be addressed.
Read moreCrypto Assets and ICOs as seen by ESMA's SMSG
On 19 October 2018, ESMA's Securities and Markets Stakeholder Group (SMSG) published a report on initial coin offerings (ICOs) and crypto assets. The report is a useful one-stop shop for relevant definitions, classifications and statistics and we summarise the highlights in this two-part series.
Read moreHong Kong's Securities and Futures Commission to target cryptocurrency exchanges
The outgoing chairman of Hong Kong’s Securities and Futures Commission (the “SFC”), Carlson Tong Ka-shing, has reportedly stated that the SFC is looking to extend its regulatory reach to Hong Kong’s cryptocurrency exchanges, which have so far been operating in a largely unregulated sphere.
Read moreFCA proposes FOS award limit increase to £350,000
The FCA has announced plans for an increase in the current FOS compensation cap. Currently standing at £150,000, the changes would see the limit increase to £350,000, an increase of 133%. It is also proposed that the limit will further increase automatically each year in line with inflation.
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