Chris Hannant

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Apfa Mark II: Pimfa sets out its plans for advisers

There has been speculation about what the Personal Investment Management and Financial Advice Association will do for advisers, so I would like to take a moment to discuss our plans. Pimfa will develop the Apfa agenda for advice and continue with input into the professional indemnity insurance review and the drive for proportionality in regulation […]

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Apfa: FCA was right to back down over Mifid II

The FCA recently published its mission statement and business plan setting out what it is going to do over the next year. I am often asked what I think of these plans. My answer is that it depends on how the regulator lives up to its professed intentions. In other words, what it does is […]

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Apfa boss talks tackling compensation culture

The FCA published its long-awaited review of funding for Financial Services Compensation Scheme levies just before Christmas. Underlying the wide range of proposals is an encouraging recognition that the current system is neither sustainable nor fair. However, it lacked attention to an issue of utmost importance: the level of compensation. The FCA is right to […]

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Apfa: Advisers need to prepare for Priips

Advisers need to be aware of and prepare for the impending confusion coming from the European Union. No, not Brexit but Priips: the regulation due to come into force on 31 December. It mandates a new disclosure document that product providers must create and advisers must give to clients. As a regulation, it has direct […]

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Apfa: FCA’s inertia over pension scammers

At the risk of repeating myself, I am going to return to a topic I raised a couple of months ago: reform of the Financial Services Compensation Scheme and pension scams. In this case, there is a happy coincidence in the aims of the regulator, Government and advisers. It is in no one’s interests that […]

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Apfa: Financial regulation is in need of reform

There are three crucial questions that will determine the effect of Brexit on advisers. Firstly, to what extent will the UK seek to apply the single market? Our surveys have found one in three advisers have at least one client outside the UK in the EU. In the event advisers must have a local licence […]

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Chris Hannant: Time to ban claims firms from financial services

The Government is finally cottoning on to what the rest of us have known for some time: claims firms provide no useful purpose other than helping themselves. The Ministry of Justice has just published proposals that will tighten up the rules under which they operate. But while this is very welcome, it does not go […]

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Chris Hannant: FOS needs independent appeals process

An important principle of a judicial or quasi-judicial system is that not only must justice be done but it must be seen to be done. The parties involved must have confidence in the system making the decision and that their argument will be fairly heard. I am not sure this is the case with the […]

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Chris Hannant: The challenges posed by Govt advice review

The Financial Advice Market Review is a big opportunity to get the right framework to enable people to get the financial help they need. We have met with the review team, the responsible minister and FCA acting chief executive Tracey McDermott to discuss what needs to change. We have debated with members whether it is […]

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Chris Hannant: A chance to shift FCA advice regulation

The Treasury launched a review of the financial advice market at the start of August. It asks the (old) question of how to provide financial advice to mass market consumers, a need that has been put in the spotlight by pension reform and the problems some have had in securing an adviser. Ask any adviser […]