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The FCA has opened a consultation into new guidance to be added to its Perimeter Guidance Manual (PERG) as the much-delayed Pension Dashboards Programme continues to inch forwards.

The Financial Conduct Authority has today written to the chief executives of financial advice firms asking them to review their retirement income advice processes. 

The FCA is planning to open the door to millions of consumers receiving ‘financial guidance’ on their personal finances which stops short of regulated financial advice.

Proposals from the FCA would require investment advisers to set aside a minimum of 28% of potential liabilities in advance to compensate investors if bad advice is given.

The FCA has secured a Restraint Order under the Proceeds of Crime Act 2002 against collapsed Newcastle-based wealth manager WealthTek, a parent company to a SSAS and SIPP investments provider. 

The total levy to pay for the cost of the Financial Services Compensation Scheme is set to soar by £145m from £270m this year to £415m in 2024/25.

After a review launched earlier this year the DWP has concluded that The Pensions Regulator is “broadly well-run and well-regarded” but has set out a series of recommendations to improve the regulator.

The FCA has banned financial advisers Keith Dickinson and Andrew Allen for British Steel Pension Scheme transfer advice failings and ordered them to pay £155,000 in compensation.

Close to two thirds (61%) of Financial Planners believe pension and retail investment products will see a boost from the FCA’s new Consumer Duty.

John Moret is one of the UK's leading pensions and SIPP experts and commentators. As he enters his 75th year, still working part-time, he continues his series of articles looking back at his long career and key topics which have steered the pensions sector. In this second article he reviews the impact of the 'Dear CEO' letter the FCA sent to SIPP firms recently and what it means for regulation.

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