Category: FCA
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FCA publishes guidance on treatment of vulnerable customers
The Financial Conduct Authority (FCA) has published a 41-page piece of guidance for businesses on how to treat vulnerable customers better. The guidance is split into a number of sections: understanding the needs of vulnerable customers, skills and capability of staff, product and service design, customer services, communications, and monitoring and evaluation. Fundamentally, the FCA…
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Savers urged to be vigilant after fraudsters steal £202m from pensions
I noticed this piece in the Mail on Sunday and found it to be very disturbing. The Insolvency Service, which is a part of the Department for Business, has shut down some 24 companies guilty of pension abuse since 2015, according to this Mail on Sunday piece. Around 3,750 victims have been affected, including both…
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FCA rules trump EU data deletion law
An interesting aside to the GDPR coming into force at the end of this month means that Advisers such as myself won’t be expected to delete client information under incoming right to erasure rules, if it is subject to a record-keeping requirement set by the Financial Conduct Authority (FCA). [If you are unaware of what…
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Suspect pension advisers to be named on watch list
Excellent news:- Firms and advisers arousing industry suspicions of wrongdoing will be placed on a semi-secret watch list to warn businesses considering working with them. The Pensions Administration Standards Association (PASA) is working on a closed list with names of pensions schemes and advisers that have been flagged up as potential scammers, to be shared among…
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FCA ramps up warnings over online investment scams
The FCA is warning the public to be vigilant protecting themselves from online investment fraud, with figures showing investors lost an approximate daily amount of £87,410 to binary options scams last year. Latest data from the FCA’s Scam Smart campaign shows the kind of investor being targeted by online investment scams is changing. The regulator says those under 25 were…