Compliance tip


Compliance tip: Regulatory permissions for Section 32s

Section 32 buyout plans (commonly known as Section 32s) are individual pension plans subject to FCA regulation. They are designed to accept benefits transferred from an occupational pension scheme. Are permissions required? Section 32s are personal pensions, not occupational schemes, however they will often include safeguarded benefits, which will mean the firm is likely to […]

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Compliance tip: Preparing for compulsory reassessments

In the interest of improving the knowledge of retail investment advisers, the FCA and Chartered Insurance Institute have introduced an annual examination. The Regulated Retail Investment Adviser Re-Evaluation has been launched as an optional resource but is likely to be made compulsory. The exam consists of 100 questions from the CII’s R01 to 5 units […]


Compliance tip: Five key questions on death benefits

We are often asked about death benefits and thought it would helpful to share our top five most frequently asked questions. 1.      Who pays the lifetime allowance charge when an individual dies? If the individual dies with uncrystallised benefits, these are tested against their remaining lifetime allowance. The personal representatives are then responsible for working out […]


Compliance tip: Getting it right on data protection and consent

Following the implementation of the General Data Protection Regulation in May, firms must apply a stricter process when marketing to individuals, especially where explicit consent is necessary. In some cases, it can be difficult to understand when to obtain this. The law includes an absolute right for all individuals to object to the receipt of […]

Compliance tip: How to avoid senior managers regime traps

It may seem quite a way off but the Senior Managers and Certification Regime implementation date will soon be upon us. Now is the time to start thinking about implementing the requirements into your organisation. Here are some of the common pitfalls to avoid: Losing sight of SM&CR’s purpose: The new regime is far more […]

Compliance tip: Responding to the FCA’s Business Plan 

The FCA’s Business Plan and accompanying sector views provide the industry with valuable insight into the regulator’s concerns and areas of focus for the year ahead. But how can firms ensure they respond appropriately? Do not view your sector in isolation: Firms can no longer afford to look at their sector in isolation. As well as […]


Compliance tip: Beware email scams against advice firms

All firms run the risk of being used by criminals for fraudulent activity, so it is vital to remain vigilant. Fraudulent emails are becoming more sophisticated and we recently became aware of a new scam targeted at financial intermediaries. The scam revolves around your client’s email account which has been hacked. You receive a request […]

Compliance tip: How to drive cultural change

The FCA’s recent discussion paper, DP18/2: Transforming Culture in Financial Services, focused heavily on how to drive cultural change within an organisation. A number of the paper’s contributors highlight that focusing solely on senior management behaviour and the ‘tone from the top’ overlooks the complexity of organisational culture and the role all employees have in […]

Compliance tip: Do you need to opt out of Mifid II?

There are many reasons why a firm might wish to amend its status from Exempt CAD to Article 3. Exempt CAD firms have usually opted into Mifid in order to passport their investment services into another EU member state, or to enable them to transmit orders in unregulated collective investment schemes to non-Mifid firms. Article […]

Compliance tip: Five steps to GDPR compliance

With the General Data Protection Regulation fast approaching, firms should be turning their attention to the necessary updates to policies, procedures and business practices required for ongoing compliance. This five-step framework will help guide you through the transition. Identify your data: It is essential firms have a clear understanding of the types of data they […]