Requirements regarding financial adviser ongoing services started in 2013 following the Retail Distribution Review, with additional requirements resulting from the Markets in Financial Instruments Directive in 2018.<\/p>
In February, the FCA wrote to a number of financial adviser firms requesting information about their delivery of ongoing services, for which their clients continue to be charged. The FCA is collecting this information to assess what, if any, further regulatory work it may undertake in this area.<\/p>
The FCA\u2019s new Consumer Duty seeks to set a higher and clearer standard of care that firms owe their customers. The FCA is an independent non-governmental body and is responsible for determining the application of the relevant rules. The Government will continue to monitor the effectiveness of Consumer Duty rules, as they bed in and as industry becomes more familiar with them.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4580", "label" : {"_value" : "Biography information for Baroness Vere of Norbiton"} } , "answeringMemberPrinted" : {"_value" : "Baroness Vere of Norbiton"} , "dateOfAnswer" : {"_value" : "2024-03-28", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-03-28T12:40:27.463Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-03-18", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Financial Services: Compensation"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask His Majesty's Government what assessment they have made of the systemic impact from the Financial Conduct Authority\u2019s crackdown on wealth management services under the Consumer Duty; what estimate they have made of the likely total compensation that will need to be paid by wealth management firms; and what other areas of the financial sector they expect to be impacted by the Consumer Duty.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4719", "label" : {"_value" : "Biography information for Baroness Bennett of Manor Castle"} } , "tablingMemberPrinted" : [{"_value" : "Baroness Bennett of Manor Castle"} ], "uin" : "HL3313"} , {"_about" : "http://data.parliament.uk/resources/1696557", "AnsweringBody" : [{"_value" : "Department for Environment, Food and Rural Affairs"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1696557/answer", "answerText" : {"_value" : "
The use of lead shot in England and Wales is already prohibited in specific circumstances by existing legislation \u2013 including on all foreshores, and in or over specified sites of special scientific interest, predominantly wetlands.<\/p>
<\/p>
The Health and Safety Executive (HSE) is currently preparing recommendations on further action to restrict the use of lead in ammunition. This work has included looking at information submitted to them with regard to possible options to control the use of lead ammunition. The previous SHOT-SWITCH study has been considered and is referenced in the background document of evidence (attached to this answer) which was put out with the public consultation last year.<\/p>
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HSE expects to issue its final restriction opinions later this year. The decision to apply any UK REACH restrictions as a further regulatory measure, or not to do so, will subsequently be made by the Defra Secretary of State, with the consent of the Scottish and Welsh Ministers.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/5006", "label" : {"_value" : "Biography information for Lord Douglas-Miller"} } , "answeringMemberPrinted" : {"_value" : "Lord Douglas-Miller"} , "attachment" : {"_about" : "http://data.parliament.uk/resources/1696557/answer/attachment/1", "fileName" : {"_value" : "HL3314 attachment.pdf"} , "title" : "HL3314 Attachment"} , "dateOfAnswer" : {"_value" : "2024-04-03", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-04-03T12:54:52.823Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "13"} , "answeringDeptShortName" : {"_value" : "Environment, Food and Rural Affairs"} , "answeringDeptSortName" : {"_value" : "Environment, Food and Rural Affairs"} , "date" : {"_value" : "2024-03-18", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Gun Sports: Lead"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask His Majesty's Government what assessment they have made of the findings of the SHOT-SWITCH research project, published in Conservation Evidence, about the voluntary transition from hunting with lead to non-lead ammunition in Great Britain; and what plans they have to ban the use of lead shot in hunting in England.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4719", "label" : {"_value" : "Biography information for Baroness Bennett of Manor Castle"} } , "tablingMemberPrinted" : [{"_value" : "Baroness Bennett of Manor Castle"} ], "uin" : "HL3314"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 2, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }