Tom Maxwell

Yesterday, the FCA set out its expectations for financial advisers and investment intermediaries alongside the FCA’s priorities over the next two years. The FCA highlighted four key areas that they will be focussing on: 1. Retirement income advice; 2. Ongoing advice services; 3. Polluter pays; and 4. Consolidation We are supporting firms to take action to consider how the FCA’s plans apply to them and to proactively address the FCA’s concerns in these focus areas. https://lnkd.in/efnaAsSv

16

1 Comment

Hot off the press, the FCA has issued their latest Dear CEO letter, outlining their priorities for financial advisers and intermediary firms.   As expected, the FCA will continue to scrutinise firms providing retirement income advice as well as the delivery of ongoing advice services, following their deep dive review and information requests in the last year. The FCA’s key message is that firms must be prepared to show that client’s needs are at the heart of their business model, fair value is provided and that overall they are able to demonstrate good outcomes are delivered under the Consumer Duty.   The FCA has also highlighted their concerns in relation to firm consolidation, and reminds firms to ensure that the relevant regulatory elements are considered throughout the whole consolidation process, not just within the due diligence space. The regulator will conduct further work within this space so we should hear more in the coming months.    The FCA will also look more closely at firms’ (including principal firms’) financial resources in light rising FSCS bills in the past decade, to ensure they hold adequate resources to meet potential redress liabilities, especially when transferring/selling client books.   Please get in touch with us to find out more.   https://lnkd.in/gcJg97WZ

78

In this new insight by Mirek Gruna he discusses why now is the time to make some simple steps to minimise the potential impacts of the changes to your personal and offshore position. Find out more below. #oneiqeq #nondomiciles #generationalplanning

13

The proposed Vodafone-Three UK merger strongly merits approval. In this brief paper submitted to the CMA, and now published on the CMA website, I set out the reasons why. To summarise: economic growth requires innovation and productivity gains, and in a telecoms context this boils down to lower prices per GB. In turn, lower prices per GB are driven by network investment – and the merger provides a way to improve the viability of this network investment, paid for out of operating efficiency gains. It should therefore be embraced.

19

With the Consumer Duty Board Reports due very soon, it's important to have a very good understanding of your firms data and how important it is at helping identify trends, RCA and monitoring those customer outcomes

3

The FCA has imposed a £29 million fine on Starling Bank Limited for “shockingly lax” financial sanctions screening controls. IDR's Head of MLRO Louis Dodd discusses how this case highlights: ➡ The importance of maintaining an effective AML and financial sanctions screening framework for all financial institutions; and ➡ The challenges associated with scaling such frameworks across a growing client base amid evolving international sanctions requirements. Read his full comment here - https://lnkd.in/erY3pr8w #FinancialSanctions #Screening #AML #KYC #Compliance

16

🎯 Strategic compliance made simple: Master FCA Consumer Duty Board reporting requirements. Practical insights for financial firms and compliance teams. https://lnkd.in/eXdaZhhz #FCACompliance #UKBusiness #RegulatoryCompliance 📑 💡

1

🎯 Strategic compliance made simple: Master FCA Consumer Duty Board reporting requirements. Practical insights for financial firms and compliance teams. https://lnkd.in/eXdaZhhz #FCACompliance #UKBusiness #RegulatoryCompliance 📑 💡

1

🎯 Strategic compliance made simple: Master FCA Consumer Duty Board reporting requirements. Practical insights for financial firms and compliance teams. https://lnkd.in/eXdaZhhz #FCACompliance #UKBusiness #RegulatoryCompliance 📑 💡

3

🎯 Strategic compliance made simple: Master FCA Consumer Duty Board reporting requirements. Practical insights for financial firms and compliance teams. https://lnkd.in/eXdaZhhz #FCACompliance #UKBusiness #RegulatoryCompliance 📑 💡

1

🎯 Strategic compliance made simple: Master FCA Consumer Duty Board reporting requirements. Practical insights for financial firms and compliance teams. https://lnkd.in/eXdaZhhz #FCACompliance #UKBusiness #RegulatoryCompliance 📑 💡

2

Rt Hon Rachel Reeves does not need to alter the 'fiscal rules' to enable a massive off-balance-sheet spending splurge. My comments in the Daily Express - the #InvestEU programme through the European Investment Bank (EIB) offers the template, and both Great British Energy and #nationalwealthfund can gear themselves up, and then invest in companies that gear themselves up. Not a penny piece of capital needed within this massive Club Sandwich of expensive debt. Enron all over, to produce Private Finance Initiative Mk 3 #pfi #privatefinanceinitiative, and another huge increase in electricity prices... #Labour #BankofEngland #OBR #OfficeforBudgetResponsibility #ONS #OfficeforNationalStatistics #PFI #PrivateFinanceInitiative #EIB #EuropeanInvestmentBank #EIF #EuropeanInvestmentFund #EFSI #InvestEU #EuropeanFundforStrategicInvestments #EU #NetZero #ESG #GreenFinance #GreenBonds #pensions #NewLabour #GlobalFinancialCrisis #taxes #incometax #nationaldebt The Labour Party HM Treasury Bank of England Office for Budget Responsibility Office for National Statistics European Investment Bank (EIB) European Investment Fund (EIF) European Union

4

On 23 April 2024, the FCA published the much-anticipated anti-greenwashing guidance which will apply to all FCA regulated firms from 31 May 2024. The FCA is also consulting on extending the SDR and labelling regime to portfolio managers in proposed rules which largely mirror those introduced for asset managers in November 2023. Read our detailed analysis below from Rita Hunter and Julia Cripps who would be very happy to discuss. #SDR #ESG #greenwashing #financialregulation

3

Your chance to ensure your views are heard. It's so important that we receive the broadest possible advice to help us create a framework of good practice to help advisers. The need for advisers to be able to discuss the critical climate, nature-based and societal risks with clients is only going to grow. And the need for advisers to incorporate consideration of these risks into their financial plans is going to become clearer. There's no single, right answer so your views count. See below for how you can help to shape the way that advisers will create financial plans that will be expected to cover the multi-decade time horizons that count for most clients.

27

Today, the FCA published the finalised non-handbook guidance on the Anti-Greenwashing Rule. This rule, which comes into effect on 31 May 2024, applies to all FCA authorised firms and should not be underestimated. From our experience, there is a lot more work to be done than most firms think; and it needs to done with a clear understanding of sustainability and each firm's idiosyncratic exposure to greenwashing. Waystone will follow up with a summary and guidance on what to do to prepare for the anti-greenwashing rule. #fca #esg #sdr #greenwashing #compliance

23

1 Comment

📢 Financial advisors and investment intermediaries are at the forefront of helping consumers make informed choices. With evolving challenges in the industry, it’s crucial to ensure that every client receives the support they need. Discover what’s expected for a successful future! 🤝

7

Very interesting view and article on a significant review shaping up of FOS jurisdiction. The complexity and interaction with principles based regulation will be a significant challenge as Martin highlights and a key challenge will be not just the scope of such reform, but how to ensure it does not prevent potential investors in the sector from having confidence that the environment does not become less competitive under this new government.

5