The Financial Services Compensation Scheme has carried out research that suggests that 17.5% (more than one in six) retirees aged between 55 and 75 have been the victim of a scam.
Ahead of a move to Financial Conduct Authority regulation at some point in the future, industry figures discussed the state of the Buy Now Pay Later credit market during a London Institute of Business Finance webinar on September 15.
Research by national charity Citizens Advice shows that one in ten consumers who have used buy now, pay later arrangements has been chased by debt collectors. This figure rises to one in eight amongst survey respondents aged 18 to 34.
A new blog from the trade association the Personal Investment Management & Financial Advice Association confidently states that “professional financial advice has the power to fundamentally improve the quality of life for those who access it”. In support of this, PIMFA refers to many studies which have shown that consumers who use financial advisers have significantly higher retirement incomes. It also cites a survey which showed that 86% of people who sought financial advice believed it to be a beneficial experience.
The Information Commissioner’s Office has imposed a £50,000 fine on a Halifax-based firm which admitted to breaching the pensions cold calling ban on up to 96,817 occasions – it was not clear how many of the calls were eventually connected to the intended recipient, so the actual number of contraventions could be lower. The firm is now also subject to an enforcement notice, meaning that they could be prosecuted if they continue to make unsolicited calls.
The FCA’s new Investment Firms Prudential Regime (IFPR) comes into force on 01 January 2022 and will affect all MiFID investment firms. Those investment firms need to understand how they will be categorised under the IFPR and what the new requirements will be.
Financial services qualifications provider the London Institute of Business Finance held a recent webinar entitled ‘What will keep you up tomorrow night?’, which examined the concerns financial firms might be facing in the current environment.
Personal finance website Money.co.uk has published its annual ‘Shop Now, Stress Later’ report. The title is a play on words inspired by Buy Now, Pay Later arrangements, because the website wishes to highlight its concerns about this sector.
How can firms ensure that compliance with the Senior Managers & Certification Regime becomes part of normal business operations?
In its Annual Report, the Financial Services Compensation Scheme has described 2020/21 as its “most productive year” to date. In the 12 months to March 31 2021, it made decisions on 99,528 claims, and in 52,623 (53%) of these cases, either compensation was provided to the claimant, or they received assistance in transferring to a new product.