FSA/FCA

regulatory update for Financial Advisers and Paraplanners - A nice little earner……..no more

"You make contact with your customer. Understand their needs. And then flog them something they could well do without.” This appears to be the ‘outcomes view’ of the FCA on car sales and finance and as a result new and used car dealers commission is about to come under the FCA spotlight. more...

Regulatory News for Financal advisers and Paraplanners - FCA + FOS = PI Problem

The Health Monitor on my mobile is currently in raptures. It seems I am hitting my steps target every day, but this is not due to a sudden desire to be fit. It is the fall out from the FOS’s barking idea to increase its maximum pay out to £350,000 and the resulting problems with PI insurance. As a result, I am on a perpetual London tour and it’s taking its toll, especially on my knees. more...

Regulatory update for Financial Advisers and Paraplanners - Latest on FAMR

2018 looks like being another exciting year for the financial advice sector, full of change, challenges and opportunities. As part of that picture, the FCA released its latest Policy Statement on FAMR in early December. more...

Panacea comment for Financial Advisers and Paraplanners - We’ve got to start thinking beyond our guns- those days are closing’ fast

When contemplating the future of the financial advice industry, I can’t help but be reminded of the late sixties movie The Wild Bunch. Set in 1913 Texas, the film follows an ageing gang of outlaws looking for one final score as the traditional American West disappears around them. more...

Panacea comment for Financial Advisers and Paraplanners - Inducements

Financial advisers that accept invitations to sporting events, concerts or social events from product providers may be breaking conflict of interest rules, the FCA has warned. It reckons that those accepting invitations to golf days, concerts, a day at the races or other hospitality events that "did not appear capable of enhancing the quality of service to clients" would be in trouble as such ‘largesse’ was "not conducive to business discussions” and that any dialogue with advisers “could better take place without these activities". more...

Panacea comment for advisers and paralanners - Money laundering, mythical beasts, oligarchs and data dumps

The Chupacabra is a native creature of Panama. The name comes from the animal's reported penchant of attacking, killing and drinking the blood of goats. more...

Regulatory update for Financial Advisers and Paraplanners - Being a cynic means never having to be disappointed (apologies to Love Story)

The sagacity of operating this mindset was further ratified upon reading the FAMR Final Report. The aspect that most interested me was how the panel dignitaries, comprised mainly of theorists, would deal with the issue of the 15-year longstop. more...

Regulatory update for Financial Advisers and Paraplanners - 'Appetite and barriers' explored in FCA Social Investment Review

I have reservations about the FCA having lumped Social Impact Investment (not really my area!) in with ethical/sustainable investment options (my area!) in this review. I am also concerned about possible outcomes of this review for the adviser market... more...

Regulatory update for Financial Advisers and Paraplanners - RSMR: Assessing suitability: Research and due diligence – FCA thematic review TR16/1

This FCA paper was published on 19th February and provides very high-level comments on the findings of their thematic review of the research and due diligence processes carried out by advisory firms, exploring how advisers select funds, products, platforms and DFMs. more...

Panacea Comment for Financial Advisers and Paraplanners - Yadda Yadda Yadda

A great article in Investment Week noted that “The Financial Conduct Authority (FCA) has said it is ready to intervene on the use of language confusing to consumers, if the industry does not develop a credible solution. more...

Investment news for financial advisers and paraplanners - Money itself isn't lost or made, it's simply transferred from one perception to another.

Economic Secretary to the Treasury, Harriett Baldwin MP, has launched a major new review looking at how financial advice could work better for consumers. more...

Panacea Comment for financial advisers and paraplanners - FSCS funding, the third way

The Tory party conference can always be relied upon to deliver some interesting sound bites. more...

panacea comment for financial advisers and paraplanners - Fees, its about the Money Money Money

Ms Jessie J may be a singer and not a regulator but she was correct singing, “It ain't about the ch-ch-ching ch-ching, it ain't about the bl-bling-bl-bling, it’s about the money money money. more...

Regulation comment for advisers - APFA's Mission 2015/2016: An accountable regulator and fairer funding

I wanted to write to financial advisers to outline our lobbying priorities for the next Parliamentary year, highlight some of our achievements so far and thank our members for their continued support. more...

Regulation comment for advisers - Foot Anstey LLP: The FCA’s rules on secret profits

In addition to the regulatory regime on disclosure, firms paying introducer fees also need to be aware of the law on "secret profits" which can allow clients to reclaim fees paid of which they were not made aware. Terence Dickens looks at the key issues. more...

Panacea comment for financial advisers and paraplanners - What's French for en-suite facilities?

In an episode of the 1980’s TV series “Minder, Arthur Daly is seen trying to sell the landlord of the Winchester Club, Dave Harris, a watch. Arthur says, “At that price it’s a steal”, to which Dave replies, “That’s what worries me Arthur”. more...

Panacea petition for financial advisers and paraplanners - FCA fines skim. You can only milk a cow so long before you're left holding the pail.

I had the good fortune to meet former US President Ronald Reagan a good few years ago while walking along the beach in Santa Monica. Although in his declining years he cut an impressive figure and gave me a very snappy salute and a smile. In his prime he had an interesting take on Governments and taxation, saying “a Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidise it”. more...

Panacea comment for financial advisers and paraplanners - Misdemeanor, cost of conduct and those poppies

RBS announced that it has set aside a further £780m to cover the costs of conduct issues, including the PPI miss-selling scandal. more...

Panacea comment for Financial advisers - Hello darkness my old friend. The sound of Davis Enquiry silence.

Earlier this year, seven months ago in fact, the FCA independent directors appointed Clifford Chance litigator Simon Davis to conduct an inquiry into the announcement via The Telegraph, by Clive Adamson, of an investigation into the insurance industry on the 27th and 28th March. more...

Regulatory comment for financial advisers - Cobbs paradox

Cobbs Paradox could be another descriptive for the regulation of financial services in the UK today. Cobb’s Paradox states, ‘We know why projects fail; we know how to prevent their failure – so why do they still fail?’ more...

Panacea comment - FCA attempts to regulate the Internet

The FCA has produced a consultation paper regarding its intent to impose rules on firms use of social media and customer communications. It is an interesting, and as usual dry, slightly confusing and condescending read. more...

Regulatory comment for financial advisers - Simplified advice or Simplified Solutions

The acronym KISS was coined by Kelly Johnson, lead engineer at the famous Lockheed Skunk Works. more...

Longstop update for financial advisers - Adviser letter of the week

Jonathan Purle who helped me get the attached accepted by the FCA has kindly agreed that his work can be made available for the common good. more...

Regulation News for financial Advisers - Where the FCA is getting it wrong on enforcement

Those unfortunate enough to have engaged with the FCA's enforcement team can be left frustrated by the process, not just the outcome. more...

Regulatory Update for Financial Advisers - BNY Mellon: Full disclosure: the FCA answers your questions

The Financial Conduct Authority's head of savings, distribution and investment policy David Geale answers advisers' questions on transparency, platform costs and independence. more...

Retirement news for financial advisers - Aegon calls for closer co-ordination of FCA Retirement Income Market Study, Budget Changes and the Guidance Guarantee

Aegon welcomes the FCA’s decision to revise the approach to its Retirement Income Market Study in light of the budget announcements which will mean the retirement income market post April 15 will be dramatically different to that which exists today. more...

Regulation News for financial advisers - M&G: Product Intervention

In this video Peter Grimmett, M&G Head of Fund Regulatory Development, describes the powers the FCA have when it comes to intervening in products they deem unsuitable for retail investors. Peter outlines what you need to know and how the powers differ from the FSA. more...

Better Business for advisers - Aegon: It’s time our profession moved on

A look at the FCA RDR review and the five fundamentals for every business that can make sure they have a service proposition that clients value and desire more...

Regulatory comment for financial advisers - The communist state is alive and well in Canary Wharf

The new rules for mortgages have arrived and already we are hearing examples of the problems it is causing and undoubtedly will continue to cause until the Polit bureau in Canary Wharf give some credit to those who may wish to decide for themselves if they are able to take on mortgage responsibility and for lenders to make a decision as to whether they want to lend based on better relevant assumptions than lifestyle choice influencers that can easily change after the event when the ‘deal’ is done. more...

Regulatory comment for financial advisers - Garry Heath: Canary Wharf Ten Years On

It has been ten years since I visited the regulator’s Canary Wharf HQ. Last time I went to discuss the impact of TCF on the activities of bancassurers who were selling seriously overpriced life assurance to non-standard bank customers. more...

panacea comment for advisers - How much is that doggie in the window?

So, three in four firms failed to provide the required information on the cost of advice. There has been much focus on the restoration of trust in financial services and it would not be unreasonable to assume that clarity on the “how much” bit could be seen as a cornerstone. The FCA is looking at how this is explained or quantified by advisers. The advisers may be looking at it from a client querying perspective as in explaining “how much” and why!!!!!!????? more...

Panacea comment for advisers - Trail matters & FCA meeting

Following our recent survey on trail and the snapshot poll we did late last year, I can report that we have now had a meeting with the FCA to discuss adviser concerns. more...

Regulatory comment for financial advisers - M&G Business Matters: The impact of FSA to FCA

In this video Peter Grimmett, Head of Fund Regulatory Development at M&G, talks us through the change in the UK financial services regulator at the start of the year more...

Pension update for financial advisers and paraplanners - Adviser charges to be removed from Critical Yield

The FCA say we will not be able to take commission for new advice and you need to disclose upfront how much your advice will cost and how it will be paid. more...

Regulatory comment for financial advisers - FCA Incentives Review

You will have seen last week in Tisatalks our LinkedIn page a blog explaining the publication of the latest FCA findings on incentives. more...

Regulation News for financial advisers - Fidelity: Response to FCA Thematic Review of Annuities

Alan Higham, Chairman of Annuity Direct and Head of Retirement Insight at Fidelity initial thoughts ahead of Friday more...

Compliance update for financial advisers - Compliance Consultant: So What Is This Conduct Risk All About?

Conduct Risk is the buzz phrase in the financial services world today; but seems a great deal of confusion and many people want to know what this involves. more...

Panacea comment for Advisers - FSCS, Stick a pony in me pocket, I'll fetch the suitcase from the van

An adviser contacted me recently regarding a very interesting dinner party conversation about the FSCS and it’s supposed ‘pot less’ state. more...

Panacea comment - Safeguarding the future of your business – Life after Trail

As many of you will be aware, earlier this month, in conjunction with New Model Business Academy, Panacea Adviser hosted a panel debate examining how advisers will fare once the end of trail commission comes into play and how advisers can prepare for the future of their business. more...

Panacea comment for Advisers - Wheatley is pleading the ‘fifth’.

In the constitution of the United States when a suspect invokes his or her Fifth Amendment right to remain silent, this is referred to in the vernacular as "pleading the Fifth." It should not by any means be taken as a sign of guilt, but it is generally portrayed as such in the movies when some criminal act is trying to be covered up in the hope it goes away. more...

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