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Regulation Matters January 2020
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January 2020
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 .
IN THIS ISSUE
Who is it relevant to? Summary
Action recommended / for your information?
Subject
THE FCA DIRECTORY
All firms
What you need to do to meet your obligations
Action recommended
DB PENSION TRANSFERS UPDATE
Firms who give – or have given
• Preparing for the proposed ban on contingent charging • Triage - Reminder about what constitutes triage and the importance of recording triage cases • What to do if your PI insurer excludes cover for past DB transfer advice or if your excess increases. The FCA has relaxed affordability requirements to try to help these borrowers. Affected firms will need to assess whether relevant ‘workers’ ought to be on the payroll as employees
Action recommended
in the past - DB pension transfer advice
MORTGAGE PRISONERS
Mortgage advisers
For your information
OFF PAYROLL WORKING FROM APRIL 2020
Firms who meet the definition of ‘medium’ or ‘large’ sized companies
Action recommended for the small number of firms that would be affected
REMINDER OF KEY REGULATION MATTERS
All Firms
Actions recommended in relation to ongoing regulatory matters
For your information
REGULATORY MATTERS ON THE HORIZON
All Firms
Overview of FCA planned activity. For your information
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.
2 | Regulation Matters - January 2020
The FCA Directory AT A GLANCE
On 9th December 2019, the FCA Register stopped showing details of advisers and pension transfer specialists at directly authorised (‘DA’) firms. Now, in respect of DA firms, the Register shows only the details of individuals who hold Senior Management Functions. Firms are still able to view historic authorisations by selecting individuals, previous involvement and authorised individuals prior to the 9th December can be viewed. With effect from 9th December 2019, DA firms must populate the new directory with information on ‘Directory Persons’, including Certification Staff and mortgage advisers. The information firms provide must be complete and accurate with effect from 9th December 2019 but firms have until 9th December 2020 to actually upload/input the information. Advisers and Pension Transfer Specialists at appointed representatives will continue to be shown on the Register, although their principals will also have to upload >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12
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