Pensions Deficit

Pensions Deficit

A senior FCA person has outlined the regulators expectations with regard to transfers out of defined benefit schemes into money purchase arrangements. There is nothing new. The usual good practice and common sense stuff about weighing up all the pros and cons, making sure the customer understands everything and so forth. In other words, what […]

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GDPR - Revisited

GDPR – Revisited

Further issues have surfaced with the General Data Protection Regulations due to come into force next May (see last month’s leading article). Again it is around the intention that all data subjects should have the right to demand erasure of records held about them by a company. This time concerns are about advisory firms securing […]

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GDPR

GDPR

The General Data Protection Regulations become law on 25th May 2018. We will be conducting a programme of ‘rolling audits’ with our client firms which we expect will bring everyone to ‘GDPR compliant’ status by the end of March. It is not in fact a major exercise. There is little that is new, most of […]

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HMRC

HMRC

HMRC Tax Collectors have hit on a new tactic for encouraging people to pay what they owe. They have published a list of the main ways they have of identifying miscreants. Presumably the theory is that those who might otherwise try to avoid paying their due, will look at the weaponry arrayed against them and […]

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Structured Deposits

If your firm wants to continue to advise on, arrange and deal in structured deposits after MiFID II takes effect, this will mean a change to your firm’s scope of permission to include this investment type. Up until 2nd January 2018 there is a special process in place, which just involves notifying the FCA of […]

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Student Loans

Student Loans

Student loans were introduced in 1998 at the same time as tuition fees were imposed for most of those in further education. The Student Loan Company (SLC) was set up to provide and administer loans, and currently employs nearly 2000 people. It was very badly run from the start though, and in 2010 both the […]

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Consumer Debt

Consumer Debt

As night follows day, when interest rates eventually go up, there are going to be an awful lot of people defaulting on loans, be they credit card, mortgages or whatever. This, of course, despite constant and strident warnings that consumers should not over commit themselves. The FCA, to its credit, is trying to anticipate things […]

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Suitability Reports

Suitability Reports

The FCA has now provided feedback on its ‘assessing suitability‘ exercise. Their main concerns relate to ineffective disclosure. Can’t argue with that. Points to note are: Always use cash examples to illustrate percentage-based charges. When quoting hourly rates, give an indication of the time each service will take and estimate the total cost. When quoting […]

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Revolving Doors

Revolving Doors

Tracey McDermott, former Head of Enforcement at the FCA and wannabe CEO, is to join Standard Chartered as Head of Corporate, Public and Regulatory Affairs. She knows the bank quite well having, until very recently, been deeply involved in investigating them for alleged wrong doings. A year ago, Standard Chartered were threatening to move their […]

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Care Crisis

Care Crisis

The cost of Long Term Care has been in and out of the news for many years, but now it seems to be stuck firmly in the ‘in’ tray. Barely a day goes by without more tales of woe hitting the headlines. Elderly people are ending up in the back of ambulances because the support […]

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