Performance Management

The FCA has published Guidance on the risk to customers from performance management at firms (FG15/10) – the paper advises that it will be relevant to all types of firm with staff who deal directly with retail customers. In the context of the issued Guidance ‘performance management’ refers to the [...]

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PRIIPs

Regulation 1286/2014 on the provision of Key Information Documents (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs) came into force on 29 December 2014 – although it will not apply in Member States until 31 December 2016 – so giving impacted firms sufficient time to put into place necessary [...]

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Platform Charges

It has been a long time coming – e.g. see Regulatory Roundup 33 from August 2011 – but the final policy statement on platforms and charging has now been published (PS13/1 “Payments to platform service providers and cash rebates from providers to consumers”). At its core, platforms will not be [...]

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Suitability: Draft Guidelines

‘Suitability’ can be found in COBS 9 of the FSA Handbook and is largely, although not exclusively, driven by MiFID requirements. As a reminder, the concept of suitability applies to a firm when making a personal recommendation or when managing investments and applies in respect of both retail and professional [...]

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Retail Distribution Review

The FSA has published consultative guidance covering the ‘Top questions asked at the Retail Distribution Review (RDR) roadshows’. The four page document contains 11 FAQs to ‘further clarify our rules and our expectations of firms post-RDR’. Those that want a refresher on the changes that the RDR will bring about [...]

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Platform Alterations

The Retail Distribution Review (RDR) continues its progress (see Regulatory Roundup 32 for the most recent update) with the publication of PS11/9 ‘Platforms – Delivering the RDR and other issues for platforms and nominee-related services’. Those impacted by the RDR will know that one feature will be the abolition of [...]

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FSA and Inadequate Procedures

The previous article concerning submissions to the FSA is based upon published complaints against the FSA. One other published complaint concerned an individual’s dispute with the FSA over what was said when speaking to the Consumer Contact Centre (CCC). Although the complaint was not upheld the Complaints Commissioner expressed concerns [...]

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RDR: Delay Recommended

The FSA’s Retail Distribution Review (RDR) will have an impact on retail advisors (not just IFAs but advisers within stockbrokers, asset managers, banks etc.) in respect of commission payments (to be abolished in favour of agreed fees with clients); advice (independent or restricted); and professionalism (the benchmark qualification for advisers [...]

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