Industry news and views from Panacea and our partners.
Regulation_
Trail commission matters?
The subject of trail commission removal and the rights and wrongs of it has caused considerable debate in recent weeks
Money for nothing and your cheques for free
The just published FCA thematic review on Inducements and Conflicts of Interest, a result of last years Dear CEO letters, does a lot to recognise that in the RDR world, support that networks and national advisers first requested many years ago, expected, then demanded and got from providers, is no longer compatible with the RDR ethos.
CEI Compliance: The FCA Are Focusing On Risk: Are You?
In the FCA Risk Outlook Document, there are numerous risks that the FCA will be concentrating on and expecting firms to take steps to address.
Protection from yourself
22nd August 2013: was this the day personal responsibility finally went out the window? It is reported that banks and credit card issuers are setting aside £1.3 billion as provision for compensation for the mis-selling of fraud and identity protection insurance.
Liar Liar pants on fire
When I started my own adviser practice I, along with just about anyone in the same situation, was very conscious about my professional image and that of the industry I work in. I was also very aware that criticising peers and competitors was not the way to go when trying to build my own brand or attract new clients, it was breaking the golden rule of not knocking the opposition.
Gimme five, top 5 regulatory pet hates
With so many advisers being able to regale us of tales of poorly thought out regulation and processes, we thought it would make sense to compile a list of pet hates that we can then vote for the top 5 and arrange to share them with Martin Wheatley.
Dont put your daughter on the stage Mrs Worthington
For many older advisers out there the memory of starting their own adviser business may be a little hazy but I think now is the time to put a reality check in place for those young gun entrepreneurs who may have been thinking this was a great idea for them to pursue today.
August Hot Spot talking point- Stand well back, something nasty is about to hit the fan.
August saw a very interesting discussion develop on the subject of post RDR adviser charging and the FCA attitude to what they see now.
Damned if you do; Damned if you dont
The speculation of what will happen to Networks post RDR has still yet to be proven one way or another.
CEI Compliance completing the RMAR sections K & L
In November 2012 The FSA published its new data reporting rules for Retail Mediation Activities Return (RMAR) forms
CEI Compliance: Introduction to Risk
RISK is often seen to be of relevance only to the larger banks and the behemoths of the financial industry, but in fact it is a facet of every organisation and reflects the inevitable fact that assets, processes and people can fail, leading to unintended consequences clearly unwanted by businesses of all sizes.
Scottish Life: DWP ban consultancy charges in auto enrolment schemes
We consider the details of the ban and the impact it will have on corporate pensions advice
CEI Compliance: The regulator, data security and you
In April 2008 the then regulator published a report entitled Data Security in Financial Services-firms controls to prevent data loss by their employees and third party suppliers.
Letter of the week
I would like to suggest to you as fellow financial advisers that you should sign the LINKED petition to create fair liability for financial advice.
As American as Mom, Apple Pie and Baseball
A phrase often heard to describe something that is unique to the culture and society you live and work in, illustrating principles or values with which few disagree.
Named and shamed
Listening to recent reports, we hear that unless surgeons and consultants make public the death rate results of their labours, they will be named and shamed.
Named and shamed
Listening to recent reports, we hear that unless surgeons and consultants make public the death rate results of their labours, they will be named and shamed.
Regulatory Round up: Senior Management Systems & Controls FCA Expectations
The regulator has made it clear on several occasions and recently by John Griffith-Jones, Chairman of the FCA, in a speech at the chartered Institute for securities and investment (CISI), that they will take action against senior management wherever they may find failures in firms systems and controls.
Regulatory Round up Pt 2
The regulator informed firms on 1 May 2013 that it expects them to review their regulatory status disclosures as a priority to ensure they are up to date and accurate following creation of the FCA and PRA.
Small pot transfers - an auto enrolment update
We look at the Government's proposals for the automatic transfer of small pension pots.
Is consumerism the new socialism?
I am aware that had this been a Stalinist regime, I would not be able to asks these questions or make these points! Fortunately, there are a few people who ARE willing to do something and I believe that are you going to be one of them?
Social Media Compliance & how to get it right
Authorised Firms use of Social Media can be hard to understand for some people as it is not simply using one channel in isolation.
IFA Centre calls on advisers to press their MPs to sign Arch cru Early Day Motion
George Galloway MP has today tabled an Early Day Motion on the failure of the Arch cru funds. Early Day Motions (EDMs) are formal motions submitted for debate in the House of Commons. While very few are actually debated, EDMs allow MPs to draw attention to an issue or cause of particular concern to them and, of course, their constituents.
Compliance speed check, are you up to it?
Regulatory development has been increasing momentum in recent years and it is often difficult for Advisers and other firms to keep fully up to speed with everything that has changed. MiFID originally brought in a raft of changes in 2007 and even today there are firms that have not embraced those rules
Compliancy Services eNewsletter
In December 2012, the UKLA launched the Knowledge Base as its repository of formal guidance designed to assist issuers, sponsors and other practitioners
Wizard Learning: AF3 pension planning study package
We have now added a new study package for the advanced diploma subject AF3 pension planning.
Compliancy Services eNewsletter
The FSA has raised concerns that joint ventures between providers and advisers could undermine the objectives of the RDR; this is according to an article published in Money Marketing.
Wizard Learning: R06, Data Protection online course, RDR survey
The Expected Solution is now available for immediate download for the 26 November 2012 exam. There are 29 pages of expert analysis for case study 1 and 32 pages for case study 2, as well as 14 pages of generic information on questions that may be asked.
Bonfire of the insanities?
Michael Fallon is a decent man from my experience of meeting with him in March 2010.
Its as easy as 1-2-3, do re me, abc?
At the end of August, this document was published -the latest FSA tome on changes to how financial advice will look post 1st January 2013 and sadly but not unexpectedly disappoints.
Compliancy Services eNewsletter
The FSA has proposed a ban on the promotion of UCIS and products of a similar nature to the majority of retail investors in the UK.
More Red Tape
I probably wont get many people on this site disagreeing when I ask what purpose the Regulator fulfils? This is not meant to be a facetious question, but let us start with what I think is fairly self-evident.
Adviser views on regulatory barriers to Social Investment sought to feed in to Cabinet Office Red Tape Challenge
One of the most common reasons investors opt to invest in an ethical or responsible fashion is to make a difference whilst making money.
FOS urges
It is not often that one could say that the FOS has assumed a high moral ground position but this may be just one of those occasions if not an actual regulatory landmark.
Longstop and enforcing the law
Do you remember the story of Deborah Hunt? She is the (now former) financial adviser who last July drove the wrong way up the M5 without insurance but with twice the legal maximum level of alcohol in her blood.
Standard Life Investments Introduction of the Key Investor Information Documents
The KIID is a pre-contractual information document which will replace the Simplified Prospectus in the EU from 1st of July 2012 and have a direct impact on intermediaries, clients, financial advisor professionals and also asset managers.
Compliancy Services eNewsletter
The Financial Services Authority (FSA) has published a policy statement confirming its regulatory fees and levies for 2012/13.
Multi-Manager Forum : have you registered yet?
Join Cazenove Capital, Henderson Global Investors, Jupiter Unit Trust Managers, Skandia Investment Group and Thames River at our nationwide Multi-Manager Forum 'Meet the Managers' events in June 2012.