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NEWSLETTER: Autumn is here, the summer holidays are over and it’s back to work. While some may be counting the days until Christmas many will be more focused on other dates; there is only a week to go before the FCA’s deadline for retails banks to have reviewed their financial crime controls, and less than four months to go until the new prudential regime for investment firms takes effect. The third and final consultation has now been published with responses required by 17th September. By now, affected firms should be fully on top of what these changes mean for them.
The FCA’s focus on the vulnerable has been brought sharply into focus by its decision to fine Geoffrey Armin nearly £1.3 million for defined benefit pension transfer advice failings. Our briefing this week looked closely at what the FCA expects of firms dealing with vulnerable customers and also explores the new “consumer duty”. If the number of registrants for this event is anything to go by these issues loom large on the radar of senior management in the financial planning world.
It’s going to be a busy few months.
Founder & CEO