The big news in regulatory circles comes with the FCA’s moves to get more firms to offer simplified advice, The biggest change within this is changing regulation around MiFID and insurance style products that essentially required annual reviews to test suitability to rules that do not require such frequent meetings.
A broad industry response is provided here in Money Marketing with big players such as SJP and trade bodies welcoming the development.
Citywire New Model Adviser says the FCA reforms are the start of a new era of advice.
In Octo Members, I suggest that the move may well prove significant long term in changing the shape, not just of simplified, but of most advice.
Other details include a shift in suitability away from ‘necessary’ to sufficient ‘information’ to justify a recommendation.
There are lots of changes in the detail of various rules and some rules will be removed while the FCA is also asking about the removal of pre-RDR commission payments, which may cut revenue for smaller, older advisers. The latter move is, however, only a discussion at this stage. One wonders if that could be legally challenged.
Some 42 per cent of investors want the option to invest in companies which are supporting the green transition, research from Quilter has revealed as FTAdviser reports.
I think this all needs more debate about portfolio content as some big stocks have u-turned on green plans.
Current UK Collective Defined Contribution schemes are better placed to succeed than earlier models says pensions consultancy LCP.
Meanwhile the OECD has suggested that the Iran war will spare no developed economy, but that the UK may fare worst. CNBC reports.
