In Focus: Preparing for the year ahead  

What advisers need to know about the year ahead

  • Communicate key considerations around the economy and markets in 2024
  • Identify the biggest regulatory changes in the coming year
  • Describe how 2024 might impact advice businesses
CPD
Approx.30min

In a webinar in December, the FCA warned companies that the regulations for closed book products were just as important as the current rules.

FCA director of cross-cutting policy and strategy Nisha Arora said: “Of course, there are some differences with closed products as they’re not on sale to new customers – you don’t need to identify your target market and you don’t need to develop a distribution strategy, but that doesn’t mean the duty is any less important for closed products.

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“It applies fully, and you still need to do a thorough and ongoing assessment to ensure your closed products deliver the right outcomes and meet the requirements of [the] duty.

“For example, we don’t expect firms to consider the target market and distribution strategy for products that are no longer on sale. We will, however, still expect you to consider if closed products and services could lead to foreseeable harm or frustrate customers pursuing their financial objectives.”

In conclusion, the year ahead may prove more positive than the year we have left behind. Economic recovery may be slow but is expected to be stable and rates may start to ease.

But when it comes to advice companies, there is still plenty to prepare as the next 12 months will prove to be busy for big regulatory change.

carmen.reichman@ft.com

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. Why does Richard Carter say the Bank of England “faces a less daunting task” in 2024?

  2. According to the IFS, keeping rates high until there is evidence of disinflation is the safest option. True or false?

  3. Why does Keith Richards say the capital adequacy proposals will not bring the FSCS levy down?

  4. The consumer duty will be slightly less important for closed products, according to the FCA. True or false?

  5. What will advisers have to do under the closed book consumer duty rules?

  6. According to Louise Jeffreys, the FCA capital adequacy rules could spell trouble for the merger and acquisition market. True or false?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • Communicate key considerations around the economy and markets in 2024
  • Identify the biggest regulatory changes in the coming year
  • Describe how 2024 might impact advice businesses

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