Regulation

Regulatory update for Financial Advisers and Paraplanners - Defaqto: MiFID II portfolio cost analysis added to Defaqto Engage

To further help you meet regulatory requirements, we have extended the capability of Engage, our end-to-end financial planning software, with the addition of in-depth MiFID II portfolio cost analysis functionality. more...

Regulatory update for Financial Advisers and Paraplanners - It's time to spread our wings and fly

Libertatem had just completed its third successive year of growth. Each year, more members and more income enable us to achieve more. But it's still disappointing when you compare it to our original survey which lead to our formation back in 2015, and the profession's need for a progressive and proactive trade association. more...

Investment news for Financial Advisers and Paraplanners - Nucleus: Is your firm ready for the SM&CR?

The senior managers and certification regime (SM&CR) comes in to force for all solo-regulated firms on 9 December 2019. At Nucleus, we’re running a campaign to help our users get ready for this initiative. Whether you’re about to finalise your preparations or you still have a way to go, financial planning firms need to understand what’s required to make sure they’re ready. more...

Investment news for Financial Advisers and Paraplanners - Aegon: Advisers pay greater heed to cost in fund assessments

Our new research shows that advisers appear to be much more conscious of fund costs in the wake of the FCAs Asset Management Market study – past performance and cost are now seen as the biggest indicators of fund quality. more...

Wrap and Platform news for Financial Advisers and Paraplanners - Nucleus: Is your firm ready for the SM&CR?

The senior managers and certification regime (SM&CR) is due to come in to force for all solo-regulated firms on 9 December. more...

Regulation news for Financial Advisers and Paraplanners - Defaqto: Regulation: No guesswork, no crystal balls

It may well feel like there is a never-ending stream of rules telling you how to approach client portfolios, but the underlying principles have never really changed. more...

Wrap and Platform news for Financial Advisers and Paraplanners - Nucleus: Take a closer look at due diligence

Due diligence requirements continue to mature and evolve for advice firms, especially as we see regulation increase in the form of Mifid II, Prod rules and the FCA’s Investment platform market study. more...

Regulatory comment for Financial Advisers and Paraplanners - Are we seeing the last throes of 'we know best'?

For more than a century, tourists and high society would gather near Bishopsgate in London. They would pay an old penny so see the 'Lunatics Show' at Bedlam (or more correctly the Bethlem Hospital) where the mentally unstable would carry on in their own little worlds to the delight of the audience. more...

Regulation news for Financial Advisers and Paraplanners - Is the FCA Obstructing Government Policy?

A recent meeting of industry representatives looking at the Berkeley Burke SIPP defence in their appeal against the FOS has led them to draw some worrying conclusions about the way the Regulator has been going about their business, especially with regard to this specific case. more...

Investment News for Financial Advisers and Paraplanners - FundsNetwork: FCA Consultation Paper CP19/25 - Contingent charging and other proposed changes

The FCA has just published a package of pension-related proposals designed to improve the quality of pension transfer advice and to help consumers get better value from their pension. more...

Regulatory news for Financial Advisers and Paraplanners - FundsNetwork: Retirement Outcomes Review – PS19/21

The FCA has now issued their final rules on a second tranche of remedies PS19/21. One of the key points is that pension providers must give consumers in decumulation annual information on costs and charges. Here FundsNetwork briefly summarised the main areas from the Policy Statement. more...

Panacea comment for Financial Advisers & Paraplanners - FSCS nil, nicht, nada, rien. HM treasury £45.5m

A few weeks back I saw that Bank of Scotland were subjected to a fairly whopping fine for ‘Fraud Failures’. more...

Regulation news for Financial advisers and Paraplanners - Royal London: What to do when someone dies

We created a step-by-step guide to help your clients through what they need to do when someone dies. more...

Regulatory news for Financial advisers and Paraplanners - Getting yourself noticed

A big part of my job is getting noticed - in the right way. But it is more difficult than you might think. In normal times, we have to compete against the big players who have the funds to buy lobbyists, engage PR companies and get themselves strategically positioned across every media platform possible. more...

Regulation news for Financial advisers and Paraplanners - 2020 Conundrum. Trust registration

Proposed new government rules threaten last nail in coffin for life policy trusts The onerous registration rules would take dealing with trusts from complex to almost impossible, writes Ruth Gilbert more...

Regulatory comment for Financial Advisers and Paraplanners - The FOS ate my hamster!

Please excuse the dramatic headline, but desperate times call for desperate headlines and we are certainly in desperate times. The popular myth that FOS claims only happen to “bad “advisers hides a real and present danger. Every adviser has been issued with a perpetual ticket in the Reverse Lottery run by FOS. more...

Panacea comment for Financial Advisers and Paraplanners - We don’t need no stinking badges. Oh yes you do, now

CMC’s are about to have some insights into what regulatory reality should be about. The word from ‘Endeavour Square is that "We will be out, and we are starting to think which firms we're going to visit in the next days and weeks.". Many will be aware of all the work done since July 2012 with the MoJ’s Kevin Roussell by Alan Lakey and I to root out this scourge. Sadly for Kevin he died just before his work went live. more...

Regulatory comment for Financial Advisers and Paraplanners - Aegon: FCA's Call for Input on RDR and FAMR - an opportunity to close the advice gap?

We're feeling positive about the benefits the FCA's recent Call for Input could bring to the industry. Your valuable feedback can help shape future regulatory change and enable an even stronger market for advice and guidance that works for you and your clients. more...

Pension news for Financial Advisers & Paraplanners - Aegon: FCA increase FOS compensation limit to £350,000

Steven Cameron, Pensions Director at Aegon, shares his thoughts on the implications for advice on defined benefit (DB) transfers. 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...

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...

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