FCA round robin emails – part two – why it's important for you
Written on 10/08/2018

For general insurance brokers, there is a reminder of the transparency rules on renewal.  When sending out renewal information, the last year’s premium needs to be stated….and some firms have missed this and been sanctioned.
For Pension IFAs there is a reminder of the thematic review on non advised drawdown document that FCA published at the end of March.  To general astonishment, the FCA found little wrong with non-advised drawdown.  Most IFAs would agree that this is a high risk area.  Firms should be reminded of a key motto:  disclosure does not over-ride suitability. 
While it is true that non-advice means no check on suitability, the FOS would normally take a cynical view when assessing complaints about this part of an IFAs activities.  This is potent stuff when guarantees are involved – multiplying the risk by a factor of five.  PII premium levels are also likely to reflect the above concerns.

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