FCA urged to better regulate philanthropy advice

FCA urged to better regulate philanthropy advice

The Law Family Commission on Civil Society has called for the UK’s FCA to make philanthropy advice training mandatory for financial advisors.

Philamplify: Honest Feedback to Improve Philanthropy

Have you ever wished you could tell a foundation what you thought they were doing well and what they can do better?

Philamplify is an initiative of the National Committee for Responsive Philanthropy that aims to maximize the impact of our country’s grantmakers. By providing a modern, user-friendly space to gather straightforward feedback from everyone involved in philanthropy, the project brings together voices that have traditionally been unheard.

Philamplify combines expert research on the work foundations do with feedback from foundation and nonprofit leaders and staff, issue experts, community members and other stakeholders.

Learn more and join the conversation! Visit www.philamplify.org.

Video by Fox Frame Productions.

Philanthropic Advice: How to Choose the Right Charitable Giving Vehicle

We live in a caring, generous nation. 95% of households across America are giving charitably, but only about 15% are receiving any advice on how to give, or the most advantageous charitable giving vehicle to use in order to maximize the effectiveness and value of their gift.

Are you one of the 75% of philanthropic Americans giving from your NET cash every year? You could be missing out on substantial financial advantages including tax deductions and write-offs.

www.livingwellfamilyoffice.com ‘s Philanthropic Advisor Lockwood Holmes Jr. explains more about the types of charitable giving vehicles we utilize to ensure your philanthropic giving is benefiting both the charitable organizations you believe in, and your financial wellness.

How Ready Are You for The FCA’s New Consumer Duty Rules?

In July 2022, the FCA published its policy statement, PS22/9 – A new Consumer Duty, in which they introduced new rules to ensure financial services firms recognise the impact their services and products have on the consumer and provide a safeguard from exploitation.

PS22/9’s publication brought with it a number of key dates that firms need to be aware of. The first and foremost of these is the end of October 2022. It is by this date that firm’s boards should have agreed their consumer duty implementation, delivery and oversight plans.

Firms need to be aware that adequate and robust implementation requires a tailored approach, specific to the consumer needs of each firm. The needs of the consumer will be as unique as the firm itself, and the implementation plans need to reflect this. Alongside this, they also need to consider the impact on their own business and their interactions with other regulated and non-regulated third parties within their implementation and delivery plan.

In this 60-minute live webinar, Complyport’s expert consultants discussed the key deadlines firms need to meet to be compliant with PS22/9 as well as how best to prepare for and meet the first deadline in October 2022.

During this webinar we :
• Briefly reviewed PS22/9 and the key changes it will bring,
• Covered the key deadlines from October 2022 to July 2024,
• Discussed the requirements for the first deadline in October 2022, and
• Considered how best to prepare the implementation and delivery plan.

What is Consumer Duty and why is it important?

The Consumer Duty is a package of new rules designed to enhance how consumers are treated in the retail financial services market. It’s the most significant change in conduct regulation that we’ve seen in a long time, and it has the power to strengthen the level of trust that consumers have in financial service providers. Firms who can get this right will have a competitive advantage and could set the bar for defining what good looks like.

What will the true impact of the Consumer Duty be for firms?
The impact of the consumer duty will be significant for all firms. It’s true that lots of firms have great control frameworks relating to conduct, and some will be better prepared than others. Firms will need to address the question of whether they can prove that consumers are receiving good outcomes at every stage of their journey.

What should firms be considering as they prepare for this change?
The Consumer Duty is not an isolated piece of regulation. Firms will need to think about how this weaves into other existing and emerging regulatory themes.