Regulation Matters January 2020

4 | Regulation Matters - January 2020

Reminder of key regulatory matters

Below is a useful reminder of key ongoing regulatory matters affecting financial adviser firms including actions recommended.


Recommended Action

Further Information


SM&CR senior-managers-certification- regime/solo-regulated-firms

Having passed the 9th December 2019 deadline for most elements of implementation, firms will need to meet the 9th December 2020 deadline for: • Providing Conduct Rules training to staff other than Senior Management and Certification Function holders (excluding ‘ancillary’ staff) • Providing initial certificates to Certification Staff • Having processes to comply with the annual F&P and Certification requirements

Regulatory Matters on the Horizon

It’s an ever-changing market with a constant stream of new and updated regulation for financial advisers to worry about. We have provided a brief overview of the FCA’s planned activity as we currently understand it, but please be aware that the FCA does sometimes change the timing. Rest assured, as part of our service we will keep you informed and provide guidance to help you remain compliant.


Publication Type Policy Statement and revised rules Consultation paper

Expected Date Intended Audience


Proposed ban on contingent charging for DB Transfer Advice

Q1 2020

Firms that provide advice on pension transfers


FCA second-stage consultation on guidance on the fair treatment of vulnerable customers FCA review of RDR and the Financial Advice Market Mortgage Advice and Selling Standards

Q1 2020

All firms



Delayed to ‘Autumn 2020’

All firms


Policy Statement

Delayed to ‘early 2020’

Mortgage Firms

5 In the FCA’s 2019 business plan the following was confirmed: In 2017 the FCA conducted a review ‘Assessing Suitability’ review to identify areas where firms could do more to ensure they provide customers with suitable advice and clear communications. They confirmed they would carry out a second review in 2019 and aim to publish their findings in 2020.

DO YOU NEED FURTHER HELP OR SUPPORT? If you have concerns about being compliant, get in touch with TenetSelect, the directly authorised regulatory experts, by calling 0800 085 0825. We have a wide range of services to help your firm, and we would love to have a chat to tell you more. 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.

Made with FlippingBook - professional solution for displaying marketing and sales documents online