Category Archives: Independent Financial Adviser

Advisers Miss the new PROD Rules – Quoted Post

Senior Managers Regime 2018, senior managers regime summary

Just 5% of advisers aware of PROD obligations – IRESS 70% unsure if they can fully comply Mark Loosmore: “Advisers need to take notice of PROD. It is no longer guidance – it is rules based now.” Tom Ellis @tellisthenews 30 August 2018 Full Article at https://www.professionaladviser.com/professional-adviser/news/3061700/just-5-of-advisers-aware-of-prod-obligations-iress Just one-in-20 (5%) advisers are aware of their […]

Making Compliance Work: New FCA SMCR Directory Consultation

change management rules mapping regulatory charting tool

Following the extension of the Senior Managers Regime 2018 (SMCR), the change from the current FCA Approved Persons Regimes (APER), the number of individuals on the existing Financial Services Register (“FCA Register”) will dramatically reduce, as only specified Senior Manager roles at regulated and authorised firms will be required to be approved by the FCA and therefore appear on the Register. All regulated firms will in future, be in charge of certifying the suitability, skills, fitness and propriety of their own people to the FCA. Read More …. https://wp.me/p7OMfd-1tZ

We will not only match any like for like quote and beat it by at least 5%

compliance policies and procedures

Where Does Your Budget Go? When Engaging Consultants, Two Of The Major Expenses Are Idle Staff and Premises Most Consultancies have staff that are “Off-Project”, often for 25-30% of the year; but their salaries still need to be paid. Additionally, those prestigious, air conditioned offices with their staff and free coffee and biscuits all need […]

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discounted compliance project fca aml audit assess

Just Quote The Coupon Code Below Whenever You Contact Us For FCA Authorisation, AML Audit, Regulatory Rules Mapping, Governance Review or Any FCA/PRA Regulatory Governance, Risk or Compliance (GRC) Project For Financial Services In The UK. Only until 30th April 2018 Or For Maximum 15 Applications Act Now, Our Allocations Are Filling Up Fast! (subject […]

GDPR and Financial Advisers: Establishing the right processes

The key point to processing personal data with GDPR on individuals is it must be justifiable to do so. There will need to be controls in position, part of GDPR’s central tenet of ‘privacy by design’ is to justify the use of the personal data and to process it as necessary. Subject access requests must […]

Putting together a Firm’s Money Laundering and Terrorist Financing Risk Assessment and the Independent Compliance Assessment

Lee Werrell, Chartered FCSI, CEO of Compliance Consultant, explores the changes to risk assessment and the basic principles of the independent compliance assessment benefits effected by the new Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Money laundering Reporting Officers operating within the regulated sector will want to be […]

How Good Are You? GDPR Preparation underway?

How Is Your Preparation Coming Along? The European Union’s General Data Protection Regulation (GDPR) comes into effect on 25 May 2018. GDPR will introduce new accountability obligations and stronger rights and restrictions on international data flows. If You Need To Know About Consent, Erasure, and Accuracy standards – Go HERE! Against a backdrop of radical […]

IFA Fails To Advise Correctly – No advise to fix or protect lifetime allowance

compliance policies and procedures

A financial advice firm has been told to compensate a client who was not advised to protect his pension benefits before the lifetime allowance was reduced.  In early 2006 Ormiston (1956) Limited advised a client, referred to as Mr M, to transfer his existing pension pots into a self-invested personal pension and make contributions from […]

Insistent Clients: Identifying Them Then Dealing With Them And Remaining Compliant

fca conduct rules cobs insistent client sales process

What is an Insistent Client and how to deal with them. The FCA Handbook does not refer to insistent clients and there are no rules or guidance specifically about this. The following will hopefully help to show the FCA’s current stance after their recent consultation paper. IMPORTANT! Insistent Clients must not be confused with an […]

MIFID II What Compliance Wealth Managers & Advisers Need To Get In Place

MiFID II finally comes into effect on 3 January 2018 Although there may still be some grey areas, it is time to make sure you have your compliance arrangements in place or being progressed so that there are no nasty surprises. Get a PDF of this post from this link (right click and “download as…”) […]