Regulation Matters brochure May 2019

Regulation Matters brochure May 2019

May 2019

Regulation Matters Welcome to this edition of Regulation Matters covering regulatory updates which impact financial advisers. If you have any questions about any of the subject matters and would like further information on the additional service available to support directly authorised firms, please contact 0800 085 0825 .

Regulation Matters is produced by TenetSelect as guidance only and is based on their interpretation, it is not and should not be relied upon as professional or legal advice. TenetSelect does not accept any liability for any losses arising directly or indirectly in connection with any of the information contained within Regulations Matters to the extent it can be excluded by law.

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IN THIS ISSUE

Who is it relevant to? Summary

Action recommended / for your information?

Subject

MORTGAGE ADVICE & SELLING STANDARDS

Mortgage Advisers

Summary of the proposals and impact of the FCAs recent consultation paper (CP19/17) The FCA publishes its 2018/19 report on wholesale banks but states that all firms should review and consider the feedback. FCA supervisory findings about principals and its appointed representatives in the investment management sector.

Action Recommended

FCA – “FIVE CONDUCT QUESTIONS”

All firms

Action Recommended

APPOINTED REPRESENTATIVES – PRINCIPAL RESPONSIBILITIES

All firms with ARs

Action Recommended

PENSION DASHBOARDS

Pension Advisers

DWP response to its December 2018 feasibility report

For your information

HOW TO BUY AND HOW TO SELL GUIDES

Mortgage Advisers

Guides published on the Gov.UK website for people looking to buy a home in England and Wales. Ongoing record keeping and business processes for those who have signed up to the standard.

For your information

PFS GOLD STANDARD – WHAT NEXT?

Pension Transfer Specialists

For your information

REMINDER OF KEY REGULATION MATTERS

All firms

Actions recommended in last month’s issue of Regulation Matters (issue 141).

For your information

REGULATORY MATTERS ON THE HORIZON

All firms

Overview of FCA planned activity.

For your information

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Mortgage Advice & Selling Standards – CP19/17 AT A GLANCE Following the high level overview of this paper in the April edition of Regulations Matters, we now provide a more in depth summary of the impact the FCAs proposals would have on mortgage intermediaries and the advice process.

Want to know more? CLICK HERE (or turn to page 9) for a more detailed summary, including recommended actions.

FCA ‘Five Conduct Questions’

AT A GLANCE

On 28th May 2019, the FCA published its third “five conduct questions” report in which it sets out wholesale banking industry feedback for 2018/19. Although the report covers supervisory activity in respect of the banking industry, the FCA states that the content is relevant for all firms in the financial sector, wholesale or otherwise. It encourages all firms to note its feedback, as well as the broad conduct agenda, and consider if and how they can effectively incorporate any of the approaches in their own organisations.

Want to know more? CLICK HERE (or turn to page 11) for a more detailed summary, including recommended actions.

Appointed Representatives – Principals Responsibilities AT A GLANCE

The FCA has published the findings from its supervisory work looking at how principal firms in the investment management sector understand and comply with their regulatory responsibilities in respect of their appointed representatives. All firms with appointed representatives, regardless of which sector they operate, should review the FCA’s findings and consider whether they are meeting their responsibilities as principal firm.

Want to know more? CLICK HERE (or turn to page 12) for a more detailed summary, including recommended actions.

DO YOU NEED FURTHER HELP OR SUPPORT? If you have concerns about being compliant, get in touch with TenetSelect, the directly authorised regulatory experts, by calling 0800 085 0825. We have a wide range of services to help your firm, and we would love to have a chat to tell you more. Regulation Matters is produced by TenetSelect as guidance only and is based on their interpretation, it is not and should not be relied upon as professional or legal advice. TenetSelect does not accept any liability for any losses arising directly or indirectly in connection with any of the information contained within Regulations Matters to the extent it can be excluded by law.

4 | Regulation Matters - May 2019

Pension Dashboards The DWP has published a response to its December 2018 feasibility report and consultation paper about pensions dashboards. The report envisaged an industry- led system of multiple dashboards, allowing consumers to access their pension information in a single place online. As expected, pension dashboards will be phased in over several years. The first will be a ‘non- commercial’ dashboard hosted by the Single Financial Guidance Body (SFGB), followed by commercial dashboards provided by industry. The Government will issue legislation that will require pension schemes to provide their >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14

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