Industry news and views from Panacea and our partners.
Regulation_
Calls for adviser protection as financials probed
Panacea Adviser has called for greater financial protection for intermediaries as the regulator sets its sights on regulated companies balance-sheet strength.
IFAA: Has Carey Put Us on The Right Street?
I am not sure that many advisers had ever heard of Carey Pensions. But their case was very well known to those, like the Impartial Financial Advisers Association, who had taken an interest in the Berkeley Burke Administration case (BBA). There are over 2,000 of you who take time to read our blogs each week may well remember Berkeley Burke.
Advisers, prepare for an FSCS shocker
FSCS pays out on mortgage endowment claims against adviser. Please say its not so. Well I cant actually and in fact I am amazed that the FSCS is not only paying out on endowment claims, it is paying out on claims that could have been correctly, legitimately dismissed years ago by advisory firms based on the normal complaint barring rules.
Through Dynamic Planner, I can do something that is profitable for the firm - and really good for the client
Working life in lockdown, of course, has had its challenges this year primarily, how do overcome the inability to meet clients and colleagues face-to-face?
FSCS Increase - Are you ready for the Fightback?
So, advisers have 7 days to stump up on average another £5,000 for FSCS. What are you going to do about it? Apart from pay up.
Diversity, political correctness and the FCA
Back in January, I came across an article suggesting that Governments have always been vulnerable to forms of themed political craziness. It is an interesting read.
FCA consultations, is this any way to run a ballroom 2?
Last month we made available for all to see the results of an FOI request to the FCA relating to consultations. Our worst fears were realised when we eventually got a reply.
FundsNetwork: Senior Managers and Certification Regime (SM&CR)
A new regulatory regime is beginning is your firm ready? The FCA has extended the Senior Managers and Certification Regime (SM&CR) to all solo-regulated firms from 9 December 2019.
The land of make believe... where fiction meets fact
I have just returned from FECIFs 20th Anniversary Conference in Brussels. FECIF is the European Adviser and Intermediaries Association and Libertatem has been a member since we first opened our doors for business.
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, were running a campaign to help our users get ready for this initiative. Whether youre about to finalise your preparations or you still have a way to go, financial planning firms need to understand whats required to make sure theyre ready.
Auto-enrolment, the cost of non- compliance
The Pensions Regulator is getting tougher on auto-enrolment compliance.
FCA consultations are they worth the effort survey
The FCA carry out many consultations, all for very good reasons, at least we hope that is the case. But there is a suspicion in the intermediated distribution world that the reality is that the decision has already been made and that the consultation is there to demonstrate the inclusiveness of the regulator and nothing more. I may be accused of being a bit cynical, perhaps over 45 years in the industry has caused some battle hardening, but just think about this a bit.
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.
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.
FCA Paper CP19/25 panel debate webinar
Register to join one of Prudentials webinar sessions on Monday 21 October, to help you identify new opportunities with your clients.
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.
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, were running a campaign to help our users get ready for this initiative. Whether youre about to finalise your preparations or you still have a way to go, financial planning firms need to understand whats required to make sure theyre ready.
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.
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.
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.
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 FCAs Investment platform market study.
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.
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.
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.
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.
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.
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.
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.
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
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.
We dont need no stinking badges. Oh yes you do, now
CMCs 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 MoJs Kevin Roussell by Alan Lakey and I to root out this scourge. Sadly for Kevin he died just before his work went live.
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.
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.
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 FOSs 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 its taking its toll, especially on my knees.
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 FOSs 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 its taking its toll, especially on my knees.
Aegon: Key adviser takeaways from FCAs 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.
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.
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 Libertatems 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.
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 Libertatems 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.
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