Regulation

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...

Platform News for Financal Advisers and Paraplanners - Aegon: Key adviser takeaways from FCA’s platform market study

While the final report gave the platform market a clean bill of health, we take an in-depth look at the key points for advisers. more...

Regulatory comment for Financial Advisers and Paraplanners - The increase in the FOS limit is the tipping point

Happy Anniversary Channel 4! Their Dispatches programme parachuted an undercover reporter into FOS this time last year and discovered that not only were FOS staff incapable of understanding products and had to resort to Google to divine their design, but also the same staff were refusing the cases of some bank clients to avoid complex conversations with bank compliance departments who clearly were more competent than them. more...

Regulatory update for Financial Advisers & Paraplanners - The new FOS limit is an abuse of power

The increase in the FOS limit is a profound abuse of power In December, the FCA issued a consultation paper CP18-11 in which they proposed to expand their upper limit from £150,000 to £350,000. In Libertatem’s response to the consultation paper which was personally delivered to the FCA, it was suggested that instead of raising the limit, the FOS should instead reduce the amount to £25,000. more...

Panacea comment for Financial Advisers & Paraplanners - FOS compensation hike. Hand me the black cap, will you.

We highlighted in November the need for firms to respond to an FCA consultation on a proposed FOS compensation limit hike of 200k taking the maximum pay-out to £350k. It was announced with very little time to respond. The consultation opened 16 Oct and closed 21 Dec so slightly over two months. Just one hundred firms, including Panacea responded more...

Survey results for Financial Advisers and Paraplanners - FundsNetwork: Business challenges facing financial advisers

80% of advisers say that compliance burden and regulatory change are among their top three business challenges. Time and money, moving goalposts and client engagement are the main reasons cited. Take a look at FundsNetwork’s research, to find out what else keeps your peers awake at night and some ideas to tackle these challenges. more...

Industry news for Financial Advisers and Paraplanners - Libertatem: Are trade associations becoming irrelevant?

Are trade associations becoming irrelevant? Generally, I avoid reading Nic Cicutti’s contributions in Money Marketing. I have low blood pressure and I like to keep it that way. But last week, he embarked on a personal attack on myself and Libertatem so I thought it prudent to respond. Firstly, I would like to supply some background on my relationship with Mr Cicutti. more...

Ethical news for Financial Advisers and Paraplanners - FECIF Insight February 2019

From a recent survey carried out by a famous global investment company, 46% of investors want to focus more on sustainability criteria for their portfolio choice more...

Regulation News for Financal advisers and Paraplanners - Royal London: Increasing the Financial Ombudsman Service (FOS) award limits

Find out how we responded to the FCA consultation on increasing the FOS compensation limits. The FCA consultation CP18/31 on ‘Increasing the award limit for the Financial Ombudsman Service’ closed on 21 December 2018. more...

Regulatory update for Financial Advisers & Paraplanners - Feel brave enough FCA?

Being responsible is what the financial industry should be about Sadly we have now reached a stage that the responsibility now falls on all as the few who mess it up never have the resources to put things right. more...

Regulatory update for Financial Advisers & Paraplanners - A fourth way to fund regulation?

First of all Panacea followers, this is our 1,000th Bento. Given this landmark status, I felt that it should contain something special, and with that in mind, I would like to make a heartfelt suggestion or two about how the regulation and protections in the financial services industry could be re-engineered, for in regulatory parlance, better regulated firm and consumer outcomes. more...

Regulatory update for Financial Advisers & Paraplanners - A fourth way to fund regulation?

First of all Panacea followers, this is our 1,000th Bento. Given this landmark status, I felt that it should contain something special, and with that in mind, I would like to make a heartfelt suggestion or two about how the regulation and protections in the financial services industry could be re-engineered, for in regulatory parlance, better regulated firm and consumer outcomes. more...

Regulatory update for Financial Advisers & Paraplanners - The Heath Report 3 - out now!

In 2014 The Heath Report 1 pre-empted an FCA document reporting on the ‘success’ of the Retail Distribution Review (RDR). This was followed up by The Heath Report 2 in 2015 which highlighted the loss of financial advice to an estimated 10 million consumers following the implementation of RDR, with 6,000 advisers leaving the sector. more...

Panacea comment for Financial Advisers & Paraplanners - Go immediately to jail, do not pass go

On day two of 2019 yet another IFA has been jailed for fraud. Neil Bartlett, 53, of Delamere Road, Ainsdale, used £4.5m of his victims’ money to fund some of the usual, favoured by all fraudsters, indulgencies of foreign travel, top hotels, prostitutes, exotic cars, boats and gambling. more...

Panacea comment for Financial Advisers and Paraplanners - FOS cunning plan to destroy smaller IFA firms.

The Financial Ombudsman service announced, on the 16th October, it was proposing that on 1 April 2019, yes, now just 4 months away, “the ombudsman service’s £150,000 award limit should increase by 133% to: • £350,000 for complaints about acts or omissions by firms on or after 1 April 2019 • £160,000 for complaints about acts or omissions by firms before 1 April 2019, and which are referred to the ombudsman service after that date They also propose that, from 1 April 2020 onwards, both award limits should be automatically adjusted on 1 April to ensure they keep pace with inflation, as measured by the Consumer Prices Index (CPI). For any complaints referred to the ombudsman service before 1 April 2019 the limit will remain at £150,000”. more...

Panacea comment for Financial Advisers and Paraplanners - FCA suggests clear out of sales dinosaurs

Arthur’s thought for the day: "You make contact with your customer. Understand their needs. And then flog them something they could well do without.” I think this may be what one senior figure at the FCA’s perception of financial services sales ‘persons’ is? more...

Panacea survey for Financial Advisers and Paraplanners - Death by FOS. Is this the end for smaller IFA businesses?

The Financial Ombudsman service announced, on the 16th October, it is proposing that on 1 April 2019, yes, just 5 months away, “the ombudsman service’s £150,000 award limit should increase by 133% more...

Regulatory comment for Financial Advisers and Paraplanners - More or better regulation – or both?

The FCA have released some interesting papers recently, and generally seem to be demonstrating a more interventionist approach, or at least earlier intervention. For example the FCA have looked at P2P platforms and decided that they need to impose much more detailed regulation and governance on such platforms as the market is currently putting consumers at risk of serious detriment. The FCA are also considering more intervention on cash savings, as that market also appears not to be working for consumers. more...

Panacea comment for Financial Advisers and Paraplanners - Who needs Arnie when you have this lot

There is an advert I heard on the radio for an organisation called Money Redress. Their campaign focussed on the miss selling of SIPPS, the hot topic today, passing by PPI and with much higher rewards. The firm is not alone, in BBC speak, other claims companies are available. more...

Regulatory webinar for Financial Advisers and Paraplanners - Prudential: Regulatory reality check webinar

Register to join one of Prudential’s webinar sessions on Thursday 23 August 2018 to help you identify new opportunities for your clients. more...

Regulatory event for Financial Advisers & Paraplannerslation - Prudential’s Suitability Matters seminars are coming your way

Regulation is never far from the news. Whether it’s MiFID II, DB transfer advice or FCA market studies, there’s always something to keep up to date with. more...

FOS Survey for financial advisers - Do you believe the FOS help complainants create a complaint where none existed?

This is just one of 15 questions in our current FOS survey. The current ‘score on the doors’ is that 72% reckon the above statement is true. Very worrying indeed, but it is some comments added, beyond a simple yes or no over the last week that should really start ringing bells with the FOS. more...

FOS 2018 Survey - Is it all still Pete Tong at the FOS?

Since 2011 we have been conducting research via a simple survey to gauge what advisers think about service levels and standards delivered by the FOS, in particular looking at their processes and the fairness of the system. more...

Regulatory comment for Financial Advisers & Paraplanners - FECIF: Inducement regulations change the EU environment

The commission and inducements regimes across Europe have changed the investment sector dramatically since MiFID II “went live” in January and the soon to commence Insurance Distribution Directive will have a similar impact on the insurance sector. more...

Business development for Financial Advisers and Paraplanners - What is the GDPR and when will it apply?

The General Data Protection Regulation (GDPR) comes into force on 25 May 2018 and will govern the use of personal information throughout the European Union. It replaces the EU's Data Protection Directive and the UK's Data Protection Act 1998. The Government's Data Protection Bill (due to come into force this year) will ensure that the GDPR remains in our law post-Brexit so there is little doubt that the GDPR is here to stay. more...

Pensions update for Financial Advisers and Paraplanners - The Future of the State Pension

The state pension system in the UK has undergone a series of changes since it was introduced in its modern form after the Second World War. Some of the biggest changes have been around the addition of earnings-related elements on top of the basic pension. 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...

Regulation news for Financial Advisers & Paraplanners - Moneyinfo: GDPR what to do and in what order

GDPR what is it? If you’re not up to speed on the forthcoming GDPR regulation to be in place on the 25th May 2018 please read our first GDPR article. Should you be worried? more...

Regulatory update for Financial Advisers and Paraplanners - Moneyinfo: GDPR Should you be worried

GDPR what is it? The EU have got together, Britain included and agreed over the last 4 years to implement new regulation to protect EU citizens’ personal data. The legislation is known as the General Data Protection Regulation … GDPR for short. It was approved in April 2016 and has a two-year transition period which means time for implementation is running out. more...

Panacea comment for Financial Advisers and Paraplanners - Stop the shorting monster

A short sale is a transaction in which an investor sells borrowed securities in anticipation of a price drop and is required to return an equal number of shares at some point in the future. A short seller makes money if the stock goes down, a lot of money if it drops a lot. Shorting is legal. But is it morally acceptable? more...

MIFID Update for Financial Advisers and Paraplanners - FundsNetwork: MiFID II services for advisory firms with discretionary permissions

In support of the implementation of the MiFID II regulations on 3 January 2018, we have introduced two services for advisory firms with discretionary permissions more...

Panacea comment for Financial Advisers and Paraplanners - Regulation, competition and consumers

Please do not get me going so soon in 2018, after all it’s only the first full working week of January more...

Regulatory comment for Financial Advisers & Paraplanners - Every one a 'go-er'

In Arthur Daley's Guide to Doing It Right, Arthur offers advice on " how to buy and sell a motor amongst many other things.But one thing he did not offer advioce on was PCP (Personal Contract Purchase). more...

Business Development update for Financial Advisers and Paraplanners - Standard life: MiFID II - are you ready?

At the beginning of 2018, MiFID II will transform the way financial markets operate, meaning significant changes for advice businesses. The support your platform provider can offer will prove essential in shaping how well you respond. more...

Business Development news for Financial Advisers and Paraplanners - MiFID II - the difficult second album?

With MiFID II dropping on 3 January 2018, we're beginning to see a flurry of activity across the industry. Will the resulting implementation deliver all that is promised or will it be that difficult second album? more...

Investment news for Financial Advisers and Paraplanners - FundsNetwork: Preparing for MiFID II regulations

With MiFID II implementation approaching, FundsNetwork have received a wide range of questions from firms like yours. You will find all the answers in their support area on topics such as, the target market, pre and post-sales illustrations and requirements for reportable assets, including Legal Entity Identifiers (LEIs). more...

Regulatory comment for Financial Advisers & Paraplanners - Yeah, no worries, cool

Last month the FCA announced that it was working with the regulatory risk analytics firm, Corlytics, to develop an “intelligent regulatory handbook” for the FCA in what it says is a world first. more...

Pensions news for Financial Advisers and Paraplanners - Prudential: Vulnerable clients and the pension journey

Failure to consider the needs of vulnerable clients could clearly result in poor client outcomes and it also constitutes non-compliance with the FCAs principles, rules and expectations. Clare Moffat, Senior Technical Manager at Prudential explores. more...

Panacea comment for Financial Advisers and Paraplanners - Back to the future

Another major brand has announced that it is about to increase its financial planning operation with a hire of some 30 new advisers and another 70 next years. A sure sign that the 2017 advice gap provided both opportunity and a solution to dealing with the thousands of disenfranchised customers of major, highly reputable brands who have to find a way to service former IFA clients who no longer have an IFA, having fallen victim (if that is the right word) to IFA segmentation since RDR. more...

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