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IFAs still unsure over Senior Managers Regime support

Two thirds of IFAs have said they will still be looking for outside help and guidance before getting ready for December’s Senior Managers and Certification Regime deadline.

When the new rules come into play, top level staff will have to produce statements of responsibility for the elements of business they are in charge of, and ensure the competence of more junior staff on an annual basis.

In a series of workshops, support service provider Paradigm Consulting says that advisers were most keen to understand parts of the rules such as how wide duties of responsibility would be, and how the FCA could interpret “reasonable steps” to ensure accountability.

A need to train senior managers and certification staff prior to the new code coming in was also highlighted.

Paradigm Consulting head of proposition David Ryder says: “SMCR is one of the biggest changes that will affect IFAs in 2019 and, from speaking to people at our recent workshops, it will take more than one training session for firms to fully understand its intricacies.

“This is because SMCR is not really about ‘rules’, it’s more about the correct ethos and culture being applied from the top down within a business.

“The needs of every financial services business differs, so it’s vital firms take time now to understand the work required to ensure a plan for the new regulation is on track.”


7IM sustainable fund hits £100m AUM

Seven Investment Management’s sustainable balance fund has reached £100m in assets today as London marks it first Climate Action Week. Launched in February 2007, the fund, run by the 7IM investment team, has returned 67.7 per cent since inception, according to the company. It is an actively managed fund with a balanced risk profile, invested […]

CII names new president

The Chartered Insurance Institute has appointed ex-Personal Finance Society president, Nick Turner as president of the board. Turner (pictured) was president of the PFS board from 2016 to 2017, becoming deputy president of the wider body, CII, in 2018. He is also chairman of MSIL, NFU Mutual’s advice subsidiary. The CII says Turner has worked […]

Cyber Security

Financial advisers risk underestimating cyber security

Advisers risk underestimating the threat of cyber crimes, analysis from NextWealth, on behalf of FundsNetwork has suggested. The survey of 206 advisers showed that planners are primarily concerned with the challenges presented by compliance and changing regulation – with only a small percentage worried about attacks on their systems or managing clients’ concerns about cyber […]

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Your Index-Linked Gilt Fund may not be as risky as you think

Index-linked gilts (also known as inflation-linked) can play an important role within an investor’s portfolio,and are a distinct asset class to conventional gilts. While index-linked gilts have a higher duration compared to their conventional counterparts, this duration figure is misleading as inflation-linked bonds do not tend to move in line with their conventional counterparts. Key […]


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