The Adviser Issue 9 | Page 10

REGULATORY EXPERTISE

encourage anyone reading that has views on regulatory change , to also speak up through these consultation processes . The FCA certainly likes to publish plenty of content ; it is important we use our opportunities to give the regulator some back in return !

Retirement Income Review In terms of upcoming reviews , at the end of the year , we expect a thematic publication on retirement income advice and lifetime mortgages which should provide practical insight into how the FCA views the current outcomes being received by consumers in later life . Many firms will have received and completed a sizeable data request from the FCA on this topic this summer . We expect the FCA will publish the findings of this data collection as part of its review , which will provide insight into what is viewed as best practice when seeking to deliver good outcomes in this space .

Appointed Representative Regime Something which only applies to a minority of the adviser community , but will be hugely important to those who are affected , is the strengthening of the rules in relation to the appointed representative regime . This includes the principal firm completing an annual review of each Appointed Representative , the first of which is due by November 2023 – the month in which you ’ re

receiving this magazine . Some areas which we expect particular scrutiny are the effectiveness and robustness of the AR firm ’ s internal systems , controls , procedures , and reporting to the principal firm . In turn , the principal firm will also need to self-assess that it has the resource , knowledge and experience to effectively supervise the activities of its AR firms effectively , appropriately , and in line with the standards expected by the FCA .

Advice Guidance Boundary Review The FCA has committed to publishing an Advice Guidance Boundary Review policy paper in the autumn . The aim will be to set clear expectations for the support that firms provide their customers and ensure that consumer protection remains at the core of any future regime . Importantly it aims to allow firms to actively engage and provide flexible forms of support to consumers . Given the potential for more significant change through the Advice Guidance Boundary Review , the FCA has decided to roll its ‘ core investment advice ’ proposals into the Advice Guidance Boundary Review . The aim of the ‘ core investment advice ’ regime was to allow firms to provide mass-market consumers with straightforward financial needs greater access to simplified advice on investing into mainstream products , specifically within stocks and shares ISAs . There was very limited support from the industry for the initial set

BRITISH STEEL REDRESS SCHEME

LIFETIME MORTGAGE ADVICE REVIEW

CALCULATING REDRESS FOR NON-COMPLIANT DB ADVICE

Retirement INCOME REVIEW

CONSUMER DUTY IMPLEMENTATION

VISIT CONSUMER DUTY HUB

FINAL RULES 31ST JULY

MULTI-FACTOR AUTHENTICATION

Final rules

BASELINE FINANCIAL RESOURCES RETURN

Consultation paper STREAMLINED ISA ADVICE

FINAL RULES

INSURANCE REPORTING NEW REGDATA RETURNS

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