Business and Other Briefings

FSA: The Financial Services Authority (FSA) has confirmed that its supervision of outsourcing by firms will in future take account of industry guidance which has been issued by MiFID Connect.


The guidance covers so-called 'common platform' FSA firms - those subject to MiFID and/or the Capital Requirements Directive. MiFID Connect is a joint project set up by 11 trade associations to support their members in implementing the Directive. The Discussion Paper set out plans to encourage greater use of Industry Guidance as the FSA moves toward a more principles-based approach to regulation.

Press release ~ Guideline on the application of the outsourcing requirements under the FSA rules implementing MIFID and the CRD in the UK ~ MiFID Connect ~ Discussion Paper FSA confirmation of Industry Guidance ~ Markets in Financial Instruments Directive

 

FSA: The Financial Services Authority (FSA) has published an insurance sector briefing on thematic work which suggests that some advisers are not providing sufficient ongoing advice for with-profits policyholders.  It also shows that after-sales communication documents for these and other life sector policyholders are of variable quality.


The findings suggest that some firms – product providers and advisers – are not currently treating their customers fairly and the FSA expects the senior management of firms to review their current approach.

Press release ~ Insurance Sector Briefing ~ FSA - Treating Customers Fairly (TCF) ~ ‘Treating Customers Fairly Initiative: Progress Report' ~ Treating Customers Fairly – towards a fair outcome for consumers’  ~ TCF self assessment tool

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