In their latest 2020/21 business plan the FCA outlines 5 key areas of concern and risk:
Maybe one for Facebook, our founder and director Chris Davies said, but achieving Shodan first degree blackbelt last weekend with his local karate club Tiska St Albans is testament to the ‘two P’s’ we apply to our business; persistence and patience.
If we worked together in the same office and I offered to make you a cup of coffee and presented you your own cup you have brought in from home or a clean office cup, which one would you choose? It’s pretty obvious you would choose your own cup, why? Because you own it off course, it’s yours! But it's just a coffee cup..
So, the FCA start the new decade with a bang by writing to all Retail Investment Adviser firms with their latest directives surrounding regulatory concerns and risks…
The wind rattled the windows and the faint songs of carol singers could be heard as Ebenezer Scrooge huddled in his cold bed clutching a mug of hot water. “Bah Humbug” he exclaimed, “Christmas, a distraction from what is important…money and more money..” he barked to himself.
With nearly 300 financial advice firms telling the FCA their professional Indemnity Insurance (PII) cover for claims was non-compliant post the Financial Ombudsman Service (FOS) limit rise from £150,000 to £350,000 and reports of 300%+ increases in PII premiums post FCA DB pension transfer directives means the industry is now facing a real dilemma.
The FCA termed RegTech as “…a subset of FinTech that focuses on technology that may facilitate the delivery of regulatory requirements more efficiently and effectively than existing capabilities.” Simply put, RegTech can streamline compliance making it more effective and efficient plus provide tangible benefits such as cost and time savings.
One thing’s for sure, you’re only as good as the data you hold in your business. Rubbish in, rubbish out is the overused phrase, but it is so true when it comes to this digital age retail investment advisers now find themselves.
With the new Accountability Regulatory Regime shortly upon us, what is apparent is that Retail Investment Adviser (RIA) firms, no matter how small they are need to ensure they have Human Resource Development (HRD) strategies and resources in place. We are currently running our SM&CR CPD accredited workshops for Intelliflo Regional Users Groups across the UK and the feedback is that some firm’s really need help and support around HRD and its new compliance functionality given the SM&CR.
So the FCA have turned up the heat BIG time on pension transfers with their latest publications on transfer advice. The proposals aim to help consumers achieve better value from their pensions and to improve the quality of pension transfer advice.