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Compliance system was "inadequate" in small firm fined for pension transfers
The FCA has fined a Huddersfield-based firm nearly £898,000 for its pension transfer advice, which saw 96 per cent of its British Steel Pension Scheme clients leave that arrangement even though the advice was uncompliant in 83 per cent of cases reviewed.
Online Published Date:
13 March 2024
Appeared in issue:
Vol 36 No 7 - 13 March 2024
Brokerage director appeals £5.95m cum-ex fine on "huge" Danish trading
By Neasa MacErlean
Online Published Date:
18 March 2024
Appeared in issue:
Vol 36 No 7 - 13 March 2024
Retirement income firms under scrutiny, with some "not getting basics right"
Firms giving retirement income advice have been told to review their processes since some of them "are not even getting the basics right"; and most would not comply with the Consumer Duty.
Online Published Date:
22 March 2024
Appeared in issue:
Vol 36 No 7 - 13 March 2024
Promoters using social media issued warning and detailed guidance
Firms and influencers can breach the rules even in private chatrooms or if a promotion is made outside the United Kingdom and was not intended for a UK audience.
Online Published Date:
27 March 2024
Appeared in issue:
Vol 36 No 7 - 13 March 2024
FCA outlines priorities and budget increase in 2024/25 Business Plan
The FCA is to carry out reviews over the next year into a range of areas to ascertain the way firms assess "overall product value"; the transparency of charges across value chains in unit-linked pensions and investments; the insurance industry's speed of response to claims; along with the treatment of vulnerable customers.
Online Published Date:
02 April 2024
Appeared in issue:
Vol 36 No 7 - 13 March 2024
Insurers must improve motor write-off procedures after survey shows shortcomings
Senior managers in insurance firms who are ultimately responsible for the valuation of written-off vehicles are being warned that the FCA will "hold them accountable" for considering the findings of a report that highlighted 14 "areas for improvement".
Online Published Date:
02 April 2024
Appeared in issue:
Vol 36 No 7 - 13 March 2024
Portfolio letters - specifics of the Consumer Duty
"Portfolio and Dear CEO letters both have an appealing feature. The regulator is coming off the usual fence." Adam Samuel dissects granular commentary from the Financial Conduct Authority's correspondence tool du jour.
Online Published Date:
05 April 2024
Appeared in issue:
Vol 36 No 7 - 13 March 2024
MiCA or MiFID? Classifying cryptoassets in the EU
Distinguishing between cryptoassets covered by MiCA and financial instruments covered by MiFID II is no easy task. Nicolas Kalokyris analyses the consultation papers issued under the Markets in Crypto-Assets Regulation to elucidate the difficult qualification of cryptoassets as financial instruments, as well as the proposed reverse solicitation guidelines.
Online Published Date:
05 April 2024
Appeared in issue:
Vol 36 No 7 - 13 March 2024
EU cryptoasset guidelines under consultation
Consultations on guidelines for promoting or providing cryptoasset services into the European Union, as well as on the classification of digital assets as 'financial instruments', propound significant aspects of the emerging regulatory framework for crypto in the region. Charlotte Hill and Shaanil Senarath-Dassanayake provide an overview of the draft guidelines under each consultation paper.
Online Published Date:
05 April 2024
Appeared in issue:
Vol 36 No 7 - 13 March 2024
Will enforcement "transparency" achieve the FCA's aims?
The regulator's proposals to publish more information about enforcement investigations into firms at an early stage, as well as slash back the Enforcement Guide, have caused consternation in the industry. Michael Tan and Jack Moore unpack the logic behind these moves and articulate concerns about possible effects.
Online Published Date:
05 April 2024
Appeared in issue:
Vol 36 No 7 - 13 March 2024
Crypto's ESG problem
Even mainstream financial institutions are dabbling in the multi-trillion dollar cryptocurrency market. Yet behind the blockchain boom are worrying environmental and social impacts - along with serious considerations for firms to confront. Tom Vidovic reports on the 'digital dilemma'.
Online Published Date:
05 April 2024
Appeared in issue:
Vol 36 No 7 - 13 March 2024
Some firms "lagging behind" the Consumer Duty
A review of how financial services businesses have implemented their new mandate to deliver good outcomes for retail customers has left the regulator disappointed by some of the efforts. Denis O'Connor summarises the good and the must-do-better.
Online Published Date:
05 April 2024
Appeared in issue:
Vol 36 No 7 - 13 March 2024