We begin the New Year with old news, but old news that may well interest advisers as they despair of the bad apples ever being driven from the industry.
Alan Hughes a partner at Foot Anstey LLP suggests that the FCA has finally grasped the nettle over phoenixing with a somewhat overlooked ‘Approach to authorisation’ document published in November last year.
The key passage is the following - the FCA would be looking to “strengthen the quality and timeliness of the data” gathered on firms and individuals and “obtain relevant intelligence” when making decisions on authorisation and approvals.”
He does add that the FCA is not running a zero failure regime. Yet a considerable reduction in cynical phoenixing would be very welcome by all but those bad apples.
Money Box’s Paul Lewis looks at FCA plans to regulate overdraft charges and gives an excellent explanation of just what is at stake and what APRs really reflect.
Consultant Malcolm Kerr suggests that IFAs should not be worried about banks’ move into the advice space and he even has a rather neat real life example.
Fiona Tate, technical director at Intelligent Pensions, considers the good news about the pensions dashboard including its phased roll out and the fact there may be multiple dashboards.
Buck Consulting launches again in the UK, having sold its UK operations several years previously. Is this to take advantage of the CMA report which looks set to shake up a lot of fiduciary business and the dominance of the big four?
The FOS finds against Sanlam for advice given on a missold savings plan from 1988 which the ombudsman deems inappropriate. The client claimed a shorter, but extendable, 10-year plan should have been recommended instead. Must have been quite a test of memory for all concerned.
Rathbones says its decision tree suggests a second vote on Brexit is the most likely scenario. I sense IFAs would love for the uncertainty to end. But does that translate into support for the PM’s deal or not. No doubt views differ. Perhaps the public need a decision tree too.