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You are here: Home / Archives for Financial Services

Business Masterclass – Assessing Financial Strength and Insolvency

October 4, 2018 by Phil Young Leave a Comment

Why is financial due diligence an entirely necessary evil for advisers, and what are the consequences of getting it wrong?

High profile failures amongst SIPP providers, the discovery that once a platform or DFM goes into administration your client’s assets aren’t as safe as once thought, and the implications of big advice scandals for PI costs and FSCS levies, have thrown this question into sharp relief.

Business Masterclass – 14th November, Manchester

This is an interactive round table hosted by Phil Young, with presentations to prompt debate. From this you should be able to understand, amongst other things:
• What’s involved in assessing financial strength? What can go wrong?
• What options are open to business owners when unable to meet their liabilities?
• What are the FCA’s concerns? How does ‘phoenixing’ happen?
• How do you equip yourself against claims management companies?

For further information on venue, timings and to buy a ticket click here.

Matt Ward from AKG will tell us how they assess financial strength, what non-financial factors they consider and the practical problems advice firms face when it goes wrong. This covers providers, platforms and DFMs.

Mark Getliffe, Senior Director at CLB Coopers, is an insolvency practitioner with more experience than most handling insolvency proceedings for FCA regulated businesses. He will explain the options available to firms when they are unable to meet their liabilities, and use his experience to explain how the process is managed and where the FCA need to be involved.

This event will be of particular appeal to:
• Compliance, paraplanning and research personnel
• Business owners and anyone looking to acquire or sell off distressed businesses
• Advisers with business owner clients who may need assistance in this area

Buy tickets for Business Masterclass - Financial Strength and Insolvency

Filed Under: Financial Services, Regulation, Risk

MiFID II and Brexit

September 8, 2017 by Phil Young Leave a Comment

fish-and-logoThe Markets in Financial Instruments Directive (MiFID) has been around since its first iteration in 2007 and much of current UK regulation comes from it. It provides the framework legislation for how investment services and financial markets operate within the European Union (EU) and is pretty much unavoidable for anyone in financial services.

MiFID II is the latest tranche of legislation to be actioned by 3rd January 2018, and I’ll be touring the country in September with Nucleus who will also be releasing a paper I’ve written on the subject.

EU legislation

There are some important differences, but what’s striking is how much trivial, almost pointless, change is also brought in by MiFID II.

EU legislation is implemented by both Directives and Regulation. Regulation is instantly binding and must be applied verbatim without any requirement for HMT or FCA to redraft their rules, however Directives can be implemented with some discretion by each member state.

MiFID II creates an absurd situation whereby some of the new regulation brought in is so close to existing UK regulation and guidance, without being identical, that we have two sets of similar but not identical rules covering MiFID and non-MiFID products for complaints, for example.

Why?

‘World class regulator’

Shake your head as much as you like, the FCA is regarded as the planet’s best regulator, and other countries take their lead from them. It’s likely that the FCA had a big say in the principles behind MiFID II, and being handed back a similar set of rules to implement to those already in place could be a frustrating, if flattering, consequence of that.

Could they be victims of their own success?

Equivalence

As part of any future trade deal there is the distinct possibility that the UK would need to demonstrate ‘equivalence’, a legal concept that facilitates cross border trading between markets that choose to recognise one another’s standards. This is a critical issue for UK financial services and not without risk if used. A declaration of equivalence can be revoked with just 30 days’ notice under EU legislation.

Is MiFID II implementation a prototype for a future definition of equivalence?

We’ll never know, but it would explain a lot. This could be a sign of things to come.

Filed Under: Financial Services, Regulation Tagged With: Brexit, MiFID, Regulation

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