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PAGA reform finally on the horizon
California Governor Gavin Newsom announced that legislative leadership, in partnership with business and labor groups, reached an agreement on long-needed reforms to the Private Attorneys General Act.
United Kingdom | Publication | September 2023
On August 30, 2023, the FCA published a new webpage with information for firms on how to support vulnerable consumers when providing pension transfer advice.
The FCA reminds firms that when consumers seek advice about transferring DB or other pension benefits, they should be alert to potential indicators customers’ vulnerability as this may impact their decision making. Firms should create an environment where consumers feel they can disclose their needs and should provide suitable support.
The FCA sets out examples of possible circumstances that DB scheme members could be in, together with warning signs of when they may be more vulnerable to scams or fraud activity. It also highlights how the consumer duty raises the standards it expects of firms and includes new rules for the treatment of customers in vulnerable circumstances.
Firms should assess their approach to vulnerability for pension transfer customers and take the following steps:
In addition, the webpage outlines how firms can mitigate the risk of harm to vulnerable consumers and provides examples of good and poor outcomes in certain situations.
The FCA will continue to monitor how firms are meeting its expectations and take swift action where it sees malpractice.
Publication
California Governor Gavin Newsom announced that legislative leadership, in partnership with business and labor groups, reached an agreement on long-needed reforms to the Private Attorneys General Act.
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Our healthcare lawyers comment on healthcare providers and MCOs that are beginning to experience the financial impacts of the end of continuous Medicaid enrollment and the reductions associated with the enhanced FMAP.
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