For general insurance brokers, there is a reminder of the transparency rules on renewal. When sending out renewal information, the last yearâ€™s premium needs to be statedâ€¦.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 â€“ multiplying the risk by a factor of five. PII premium levels are also likely to reflect the above concerns.