The Financial Supervision Commission (“the Commission”) has issued updated consolidated step by step guidance for financial advisers.
The guidance draws from and replaces the:
- Step by Step Guidance – Issued January 2012
- Pensions Guidance – Issued October 2012
The guidance addresses:
- The expectation that the in depth Explanatory Guide about Financial Advice should be distributed to all clients
- The Rule Book which came into effect 1 February 2014 introduced significant changes to the requirements for adviser sales including:
- Adviser competency requirements and CPD (RDR)
- New requirements regarding client classification
- Revision to certain disclosure requirements
- Vulnerable persons
The new consolidated guidance cuts down duplication, is more user friendly and will make future updating significantly more efficient.
It is intended that future guidance on associated topics will be incorporated into the composite guidance.
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