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NEWSLETTER: It should be feeling like the end of term but there seems to be no let up in sight from the FCA yet! Consumer Duty remains firmly as the backbone of the regulator’s latest missives. CP 23/24 proposes a new capital requirement for personal investment firms – putting the burden of redress squarely in their court and freeing up much needed FSCS funds.
The long-awaited joint government and FCA paper on the advice guidance boundary landed on the 8th and marked a more ambitious approach than we’ve seen before – looking to achieve ‘fundamental legislative and regulatory reform’. It’s the start of a longer process to make the advice and guidance market function more effectively and I’m looking forward to seeing how the changes develop.
Last week investment platforms and SIPP operators received a Dear CEO letter on retention of interest alongside the Christmas cards in the letterbox. Highlighting firms benefiting from a rise in interest rates, the FCA’s warnings around fair value and clarity for customers are relevant to anyone holding client money.
This month’s newsletter also looks at the latest Market Watch – which once again revisits the risk of market soundings. And don’t forget, you can catch up on this month’s webinar on Complaints Handling, and sign up to our deep dive on SDR in the new year.
It just remains for me to wish you a restful and very happy festive break.
Rebecca Thorpe
Chief Executive Officer
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