Regulation Matters March 2019

March 2019

Regulation Matters Welcome to this edition of Regulation Matters covering regulatory updates which impact financial advisers. If you have any questions about any of the subject matters and would like further information on the additional service available to support directly authorised firms, please contact 0800 085 0825 .

IN THIS ISSUE

Who is it relevant to? Summary

Action recommended / for your information?

Subject

FG19/2 SMCR: GUIDANCE ON STATEMENTS OF RESPONSIBILITIES

All firms

Practical assistance from the FCA on preparing statements of responsibility FCA rules for uploading and validating information to the FCA Directory. Covers the impact of the increase in the FOS Limits SFGB gets an official name and replaces MAS, TPAS and Pension Wise. Proposes new rules to support platform switching. Will mainly impact platform providers but will increase Summary of the Final Report findings likely to be of interest to firms Actions recommended in last month’s issue of Regulation Matters (issue 139). Overview of FCA planned activity. focus on intermediary activity in this area.

Download either from the FCA directly or contact us for further information on the SM&CR support available

PS19/7: THE DIRECTORY

All firms

Download either from the FCA directly or contact us for further information on the SM&CR support available Review and update client facing material appropriately and ensure that staff are made aware of the changes Review and update client facing material where previously referring to one of the component organisations Consider updating your process for platform reviews including any template review suitability letters. Firms may wish to respond to the FCA directly by 14th June 2019

PS19/8: INCREASING THE AWARD LIMIT FOR THE FINANCIAL OMBUDSMAN SERVICE SINGLE FINANCIAL GUIDANCE BODY (SFGB) CP19/12: CONSULTATION ON INVESTMENT PLATFORMS MARKET STUDY REMEDIES MS17/1.3 INVESTMENT PLATFORMS MARKET STUDY FINAL REPORT REMINDER OF KEY REGULATORY MATTERS

All firms

All firms

Investment firms only

Investment firms only

For information and background to the changes being proposed in CP19/12

All firms

For your information

REGULATORY MATTERS ON THE HORIZON

All firms

For your information

Regulation Matters is produced by TenetSelect as guidance only and is based on their interpretation, it is not and should not be relied upon as professional or legal advice. TenetSelect does not accept any liability for any losses arising directly or indirectly in connection with any of the information contained within Regulations Matters to the extent it can be excluded by law.

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