The year-long gap between advisers falling off the FCA register and being included on the new directory could raise significant challenges for advised defined benefit (DB) pension transfers for a 12-month period.
Last week the Financial Conduct Authority (FCA) revealed there would be a 12-month period between December 2019 and December 2020 when advisers will not be searchable on any regulated public register or directory. Advisers who are not held to be ‘senior managers' under the regulator's incoming Senior Manager & Certification Regime (SM&CR) will be taken off the financial services register on 9 December 2019 when the regulation comes into play. At the same time, advisers will not appear on the new directory, which will hold information on every single financial adviser, until December 2...
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