FCA rules on information about firms, adviser charging and consultancy charging
Produced in partnership with Puesan Lam of DLA Piper
FCA rules on information about firms, adviser charging and consultancy charging

The following Financial Services guidance note Produced in partnership with Puesan Lam of DLA Piper provides comprehensive and up to date legal information covering:

  • FCA rules on information about firms, adviser charging and consultancy charging
  • Introduction to the FCA’s requirements on information about firms, adviser charging and consultancy charging
  • Information about the firm and compensation information for non‑MiFID designated investment business or insurance distribution activities
  • Information about the firm and compensation information (MiFID and insurance distribution provisions)
  • Adviser charging, consultancy charging and remuneration—setting the scene
  • Adviser requirements in relation to adviser charging (COBS 6.1A)
  • Consultancy charging and remuneration for group personal and stakeholder pension schemes
  • Impact of adviser and consultancy charging rules on product providers (COBS 6.1B and COBS 6.1D)
  • Platform service provider requirements to adviser charging and remuneration
  • Additional FCA materials concerning adviser and consultancy charges
  • more

Introduction to the FCA’s requirements on information about firms, adviser charging and consultancy charging

This Practice Note considers the regulatory framework and guidance in place governing the information that a firm must provide to its clients, regarding its services and remuneration policies, and also regarding adviser and consultancy charging when the firm carries on designated investment business.

The Financial Conduct Authority (FCA) has issued rules which require a firm to disclose to its clients details about the firm and its services. A number of these requirements derived from the implementation of provisions contained in the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID).These are largely contained in the General Provisions Manual (GEN) and the Conduct of Business Sourcebook. (COBS). MiFID has been replaced by the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) (together the MiFID II framework). Both MiFID II and MiFIR entered into force on 2 July 2014. As amended, the majority of the MiFID II framework has applied since 3 January 2018, and EU Member States had until 3 July 2017 to transpose the provisions of MiFID II into national law. MiFID II and Commission Delegated Directive 2017/593/EU (the MiFID II Delegated Directive) contain provisions which have amended requirements relating to information about firms,