UK - Independent financial advisers may be breaching new financial services rules because they are unaware of the changes, systems provider O&M Systems warns.
The firm said IFAs needed to change the format of data they supplied to clients in order to meet the Financial Services Authority’s regulations which were aimed at promoting “fair, clear and not misleading” advice.
The new rules mean selective time periods are no longer possible, performance can no longer be revealed for less than one year and tables containing performance should be in an approved format with data shown to set quarters of the year.
Also, percentage growth rate figures can now only be shown to one decimal place.
Director Graham Miller said: “IFAs without systems have traditionally taken paper-based information from magazines and provider bulletins and presented this to clients in a table within their suitability letter.
“They need to change the format of the data they supply to clients immediately or risk breaching the FSA rules.”
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.