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Europe steps up its fight against fraud
European watchdogs have long been focusing on enforcement against corporate crime with a great focus on anti-corruption, economic sanctions and money laundering.
United Kingdom | Publication | June 2023
On June 19, 2023, the FCA published a new webpage on its Defined Benefit Advice Assessment Tool (DBAAT), incorporating rule changes that have come into force since October 1, 2020, and its non-Handbook guidance on advising on pension transfers.
The latest version includes a section on assessing abridged advice and contingent charging, and the FCA has updated the sections on information collection, suitability and disclosures to reflect the changes made in its policy statement on pension transfer advice (PS20/6).
The updated facility includes DBAAT explainer videos and FAQs.
The FCA launched the DBAAT in January 2021 to help firms and pension transfer specialists understand how it assesses the suitability of DB pension transfer and related investment advice and disclosures. It recommends that they use the tool to assess their own past advice on DB transfers, although this is not a requirement.
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European watchdogs have long been focusing on enforcement against corporate crime with a great focus on anti-corruption, economic sanctions and money laundering.
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The Digital Markets, Competition and Consumers Act (DMCC Act) received Royal Assent on 24 May 2024 and is generally expected to come into force in autumn this year.
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Head of Legal Operations, Stephanie Hamon, will be joining the panel discussion on "Simplifying Legal Tech Adoption and Implementation" at the Legal Tech Talk conference on June 13th (3:30 - 4:15 PM).
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