Regulation Matters January 2020

Regulation Matters January 2020

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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