![]() |
PIMFA has noted the proposals from the Financial Conduct Authority (FCA), for personal investment firms to hold additional capital to pay for consumer redress, as the first stage towards a ‘polluter pays’ model of consumer compensation. |
Liz Field, Chief Executive of PIMFA, commented: “We note the Financial Conduct Authority’s (FCA) proposals on extending capital requirements to personal investment firms to cover future consumer redress. “We strongly believe in, and have argued the case for a number of years, for a ‘polluter pays’ model to compensate consumers that have received a poor outcome, and we are aware of the moral hazard the existence of the Financial Services Compensation Scheme (FSCS) provides for well-run firms funding the misdeeds of others. “We would stress the need for these proposals to be proportionate, and specifically not to act as a barrier to firms wishing to enter the market. While we do strongly believe that these proposals will incentivise good advice, the FCA must be mindful that it does not strangle the supply of advice to consumers.
“We look forward to engaging with the consultation process and would urge the FCA to be mindful to the fact that, at least initially, firms will face the prospect of two charges by way of the FSCS levy and the requirement to hold additional capital as proposed. We still believe additional sources of funding to subsidise the FSCS levy should be considered to reduce this burden and would continue to urge the FCA and Treasury to consider FCA fines to subsidise the FSCS levy in the short term.” |
|
|
|
Capital excellence in the capital - S... | ||
London - Negotiable |
Life Reinsurance Associate - Bermuda | ||
Bermuda - Negotiable |
Life Reinsurance Director - Bermuda | ||
Bermuda - Negotiable |
Scotland - the price is right! | ||
Scotland / hybrid 2-3 dpw office-based - Negotiable |
Projects Actuary | ||
South East / hybrid 1-2 dpm office-based - Negotiable |
Technical Business Analyst - Internat... | ||
Bermuda - Negotiable |
Senior Pensions Manager - Assurance | ||
Flexible / hybrid 2-3 days p/w office-based - Negotiable |
Head of Pricing | ||
London - Negotiable |
Consultancy Bonanza! | ||
UK-wide / London / hybrid - Negotiable |
Service Delivery Manager - Pensions | ||
Scotland / remote / 2 dpm in the office - Negotiable |
Life Actuarial Student – Risk | ||
Glasgow / hybrid 2 dpw office-based - Negotiable |
ALM Strategy Specialist | ||
Bermuda - Negotiable |
Senior Casualty Reinsurance Actuary | ||
London - £140,000 Per Annum |
Senior Pensions Administrator - Midlands | ||
Birmingham / hybrid - Negotiable |
Senior Pensions Administrator - Scotland | ||
Scotland / hybrid 2 days per month office-based - Negotiable |
Investment Analyst | ||
South East / hybrid - Negotiable |
International Capital Management Actuary | ||
Bermuda - Negotiable |
VP Reserving Actuary | ||
London - £150,000 Per Annum |
Calling all BPA analysts! | ||
North West / hybrid 50/50 - Negotiable |
Financial Planning & Analysis Actuary | ||
London/Hybrid - Negotiable |
Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.