17 June 2021
In her speech of 15 June 2021, Anna Sweeney, PRA’s Insurance Executive Director, gave notice of a data gathering exercise to inform possible reform of the Solvency II regime. The QIS will be released over the summer and the regulator seeks high-quality data within a period of around 3 months. This will require significant resource from firms. Participation is voluntary although the PRA “will be writing to a variety of firms in each sector strongly encouraging them to participate”. Anna S...
13 September 2021
Any firm that provides or has historically provided financial advice in relation to the transfer of Defined Benefit (DB) pensions is exposed to the risk that this advice could, in future, be deemed...
24 August 2021
The recent Financial Conduct Authority (FCA) guidance on the fair treatment of vulnerable customers (FG21/1) could not be more relevant as the impact of the pandemic continues to be felt across soc...
05 August 2021
If you’ve ever had a FOS decision letter requiring you to compensate an investor for unsuitable advice to transfer out of a Defined Benefit Scheme, you may have noticed a reference to a “SERPS adju...
24 June 2021
The FCA has identified concerns about financial advice given to members of the British Steel Pension Scheme (BSPS) during the “time to choose” activity in 2017. Almost 20% of the deferred members of...
24 June 2021
In the March 2021 Budget, the Chancellor has frozen the Lifetime Allowance (LTA) at its current level of £1,073,100 for 5 years until 2025/2026. This is a further step in grinding down the value of...
29 March 2021
The assumptions used to calculate redress for unsuitable defined benefit transfers are set out in the FCA guidance document FG17/9. FG17/9 was issued in October 2017 following a consultation period...
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