Industry news and views from Panacea and our partners.
Foot Anstey
Footansty: Restrictive covenants: protections and pitfalls seminar
We are delighted to invite you to attend our seminar – "Restrictive Covenants: Protections and Pitfalls.
More or better regulation – or both?
The FCA have released some interesting papers recently, and generally seem to be demonstrating a more interventionist approach, or at least earlier intervention. For example the FCA have looked at P2P platforms and decided that they need to impose much more detailed regulation and governance on such platforms as the market is currently putting consumers at risk of serious detriment. The FCA are also considering more intervention on cash savings, as that market also appears not to be working for consumers.
Foot Anstey: Senior Managers and Certification Regime (SM&CR) webinar - 25 September 2018
In preparation, we will be running a series of updates on the new legislation, focusing on how the Core Regime under the SM&CR will operate and providing some practical advice on how firms can go about implementing the SM&CR into their organisations, the key issues likely to arise, and how to deal with them. The long transitional period provided by the FCA gives firms an opportunity to address any key issues in good time whilst minimising disruption to day-to-day business and strengthening internal governance.
Latest on FAMR
2018 looks like being another exciting year for the financial advice sector, full of change, challenges and opportunities. As part of that picture, the FCA released its latest Policy Statement on FAMR in early December.
Leaving. And you are starting your own business?
My IFA business had two advisers leave to set up their own businesses a number of years ago. It was not a good experience for me as their expectations around client ownership did not quite mirror mine or their contract. This great observation by Peter Singfiled at Foot Anstey on how to avoid legal conflict when an adviser leaves your firm is well worth a read.
Foot Anstey: The bank of mum and dad
Jessica Pitt, partner and head of Foot Anstey family team, highlights the importance of legal protection when the bank of mum and dad steps in.
FCA clarity will help advice move forward
It is an exciting time in the retail advice sector. The FCA appears to be fully engaged in considering the advice gap and how to fill it, and its initiatives are (broadly) being welcomed by the profession.
Tax changes for non-UK domiciliaries
At the moment, non-doms who are tax resident in the UK are taxed favourably, having the option of being taxed on the "remittance basis". This means they have the opportunity to only pay tax on UK income and gains and foreign income and gains which are brought in to or "remitted" to the UK. Believe it or not the UK is a relative tax haven for these people.
Preserving your estate. Understanding the new nil rate tax band
Inheritance tax is a concern for many; one of the most common questions asked in relation to estate planning is: 'how can I preserve more of my estate for my family?'
Post-termination restrictive covenants in the financial services sector
When an employment or other contractual relationship comes to an end, the potential mis-use of confidential information and/or the loss of client relationships can give rise to harsh, and potentially very costly, consequences for the business.
Foot Anstey: The price to pay for cultural change in financial services
The Treasury is to extend the Senior Managers and Certification Regime currently being applied to banks, insurers and a limited range of other complex firms, across the remainder of the regulated sector. This will not happen until 2018 and, as yet, there is no further detail on how it will be applied.
Foot Anstey LLP: Legal lessons for advisers on duty of care
A recent judgement of the High Court (Worthing and another v Lloyds Bank plc [2015] EWHC 2836 (QB)) has provided some helpful guidance on continuing duties of care for financial advisers. The case involved a traditional client/adviser relationship, with initial investment advice being provided by the adviser followed by periodic reviews in subsequent years.