The FCA has published proposed guidance for consultation which sets out the FCA’s expectations of firms that are involved in the transfer of investors in authorised funds from pre-Retail Distribution Review (RDR) unit classes to post-RDR (clean) unit classes. The guidance looks at: whether a conversion to a clean unit class should be treated in […]

The Financial Conduct Authority (FCA) has found breaches to Principle 8 regarding conflicts of interest in half of the firms it reviewed as part of a report into inducements between advisers and providers. The results of the FCA’s thematic review highlighted “serious concerns” and a “poor management culture” in some firms whose actions have the […]

List of client questions and information on advice types published alongside RDR review last week. You are no doubt now fully conversant, dear reader, with the findings of the first Financial Conduct Authority thematic review into Retail Distribution Review compliance among advisers. In short: many of you that are independent are actually not making the […]

The Commission issued Position Paper No. 1 2011 (“Position Paper 1”) as its first step in relation to its work on the Review of Financial Advice (“RFA”). Position Paper No. 1 2013 (“Position Paper 2”) now sets out (without reasons) the position reached by the Commission as the result of this process. The reasons for […]

The Commission has decided to require advisers working for Jersey businesses and who advise clients who are not Professional Clients to be qualified at level 4 wherever those clients are resident. This affects all persons registered to undertake classes C2 and D3 investment business. This booklet sets out the qualifications that are available from CISI […]

The Financial Services Authority (FSA) is currently undertaking one of four planned thematic reviews into firms’ compliance with new rules following the Retail Distribution Review (RDR). Here are the 39 questions the regulator is asking its sample of 50 firms – and which you should be thinking about too… 1. Are services offered by your […]

RDR newsletter – The FSA has released the sixth issue of its newsletter on the Retail Distribution Review (RDR). This issue contains articles on the following: • the consultation paper on platforms; • information about gap-fill; • the FSA’s position post-RDR on fund switches within pensions; and • assistance with the independent and restricted advice […]

FSA: 30-month rule applies to RDR requirements – The Financial Services Authority (FSA) has confirmed that the 30-month rule applies to most Retail Distribution Review (RDR) activities. In its latest RDR newsletter, the regulator said a number of firms had sought a clarification on the rule. It said: “The 30-month rule applies to most but […]