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Dear [FIRSTNAME],
Firstly to those readers who did not receive the Newsletter attachment with the first mailing last week, may we apologise for any inconvenience this caused. Once it was realised that this omission had occurred the Newsletter was re-sent to ensure everyone received the correct items.
Pension switching is still a big issue and the Regulator is following through with enforcement action against 6 out of the 22 firms visited. Enforcement action used to run at around 2% of the firms visited and a jump to 22% (albeit a very small sample) demonstrates the FSA’s more intensive approach. IFAct is also aware that a number of firms are subject to s166 reviews of their pension switching cases. The report is only 23 pages and an important read for IFAs in this market.
First article page 2, the Quarterly consultation, is selectively important and item 8 contains changes in reporting for all GI firms and item 10 provides ‘clarity’ as to why the FSA is taking even longer with Approved Person approvals. If you take a cynical perspective the next item could be interpreted as the FSA recruiting an experienced spin doctor to help them withstand pending changes after the Election.
Every reader is likely to be involved with either the gathering or storage of personal data and the 78% increase in address fraud (2nd article page 4) should ring alarm bells and stimulate a check on internal security.
If we can be of any further assistance on these or any other regulatory subjects, please remember your helpline 08456 12 12 11 for a without obligation conversation or email admin@ifact.co.uk.
Kind regards
John Derry-Collins
FInst SM AMITD Fcol MInstD MIoD
Director
IFAct Services Ltd
Tel. No. 08456 121 211
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QBE Insurance (Europe) Limited “QIE” (No. 1761561) is authorised and regulated by the Financial Services Authority. Ensign is a trading name of QIE. Limit Underwriting Limited “LUL” (No. 1035198) is a managing agent for Syndicates at Lloyd’s and is authorised and regulated by the Financial Services Authority. DA Constable Syndicate Limited (No. 2262145) and Limit Technology & Commercial Underwriting Limited “LTCUL” (No. 3515409) are appointed representatives of LUL. Icon Insurance and Praemunio are trading names of LTCUL. QBE Management (UK) Limited (No. 3153567) is a service company and QBE International Holdings (UK) PLC (No. 2641728) is the holding company for QBE European Operations, a division of the QBE Insurance Group. The above companies are registered in England and Wales at Plantation Place, 30 Fenchurch Street, London EC3M 3BD. QBE Reinsurance (Europe) Limited (No. 53272) is registered in the Republic of Ireland at St. Stephen's Green House, Earlsfort Terrace, Dublin 2.
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