FCA has published a Handbook Notice covering the rules it made at its May and June Board meetings.
- changes to COBs in relation to pension transfers, introducing a ban on contingent charging in respect of most advice on transfers and conversions, enabling abridged advice and making other changes in respect of pension advice and returns will all take effect by 1 October;
- application of the SMCR to benchmark administrators take effect mainly from 7 December;
- changes to the VOP and cancellation forms have immediate effect, mainly to amend FCA’s address and to ask whether the effect of the change will mean the applicant will become or continue to be subject to the MLRs;
- changes to COLL take effect on 1 July to ensure alignment with FCA’s rules and HMRC’s tax regulations on PAIFs, and to change the rules abut wich parties can transact with an AFM for an OTC derivatives transaction; and
- various miscellaneous and minot handbook changes, correcting errors, making clarificatory changes, amending deadlines, affect a number of parts of the Handbook.