FCA surprised that doing nothing didn’t fix OMO!

January 08, 2016 Tom Murray

Pensions UK Retail Distribution Review Financial Conduct Authority Life and Pensions

FCA surprised that doing nothing didn’t fix OMO! The Financial Conduct Authority (FCA) have released data that shows that the majority of people purchasing annuities actually bought them from their existing provider and didn’t make use of the Open Market Option to shop around for a better deal.
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Regulator needs to trust the IFAs

September 17, 2013 Tom Murray

Pensions UK Retail Distribution Review Financial Conduct Authority FSA

One has to feel sorry for Martin Wheatley, CEO of the Financial Conduct Authority, as he struggles to find a proper path out of the morass into which the regulator was led under the previous incumbent. Sadly, a change of one letter in the name from the FSA to the FCA is not enough to chart a way forward, the problems are deeper than anything that could be corrected by a rebranding exercise.
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Attacking IFAs is counter-productive

September 10, 2013 Tom Murray

Financial Adviser Pensions UK Retail Distribution Review advice gap

There is a huge advice gap in the UK. Everyone is fully agreed on this and every week there are a number of articles lamenting this fact in the trade press. It’s an issue that needs to be addressed urgently as so many people are approaching retirement, a time when they really need to get financial advice.
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For IT, are you “Penny wise – Pound foolish”?

June 20, 2013 Tom Murray

Illustrate Plus Pensions UK Financial Conduct Authority IT Systems

The above saying comes to mind when you look at the IT systems approaches of a lot of major organisations. In particular, organisations distributing products in the financial services sector, as these tend to have large teams of advisers doing highly specific work with individual clients. As a result, they tend to have a lot of paperwork referring to individual cases, which is difficult to track and yet vital for each company in such a highly regulated market.
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FCA should listen to wise words of Confucius!

September 03, 2012 Tom Murray

Prudential Regulation Authority Pensions UK consumer Financial Conduct Authority

Time is slipping past. The Financial Services Authority (FSA) is heading for abolition and with it the birth of the new regulatory system is approaching, with two separate authorities - the Prudential Regulation Authority (PRA), which will regulate the banking and investment markets, and the Financial Conduct Authority (FCA), which will monitor the distribution of financial products and services.
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