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 practice 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)
  • Trail commission and legacy assets
  • Disclosure of adviser charges
  • Ongoing adviser charges and advice charges on lump sum payments
  • Consultancy charging and remuneration for group personal and stakeholder pension schemes
  • More...

BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance, see Practice Notes: The impact of Brexit on the MiFID II regime and Impact of Brexit: Insurance distribution-quick guide.

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 MiFID has been replaced by the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU)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

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