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FCA policy statement on operational resilience

In December 2019, the FCA published Consultation Paper 19/32: Building operational resilience: impact tolerances for important business services and feedback to DP 18/04 proposing changes to how firms approach their operational resilience. The proposals were built on the approach first outlined in Discussion Paper: Building the UK Financial Sector’s Operational Resilience published in July 2018. … Continue Reading

FCA updates webpage on PS19/5 and feedback on Brexit consultations

On 1 October 2020, the FCA updated its webpage concerning its February 2019 Brexit Policy Statement (Policy Statement 19/5: Brexit Policy Statement – Feedback on CP18/28, CP18/29, CP18/34, CP18/36 and CP19/2 (PS19/5)). In PS19/5 the FCA set out near final rules to correct deficiencies to its Handbook for a no deal Brexit. Near final Handbook … Continue Reading

Coronavirus: business continuity and outsourcing

The FCA expects all firms to have business continuity arrangements and contingency plans in place to deal with major events. The FCA’s expectations for firms dealing with the impact of COVID-19 sits within this broader regulatory context. The FCA and the PRA are currently consulting on a specific operational resilience regime (see in particular, Consultation … Continue Reading

FCA delays consultation papers and calls for input to 1 October 2020

On 17 March 2020, the FCA announced via a new webpage that it has decided to extend the closure dates for the following published consultation papers and calls for input until 1 October 2020, as part of its response to the COVID-19 outbreak. The delayed consultation papers are: CP20/4: Quarterly consultation 27; CP19/32: Building operational … Continue Reading

COVID-19: regulatory aspects for boards to consider

Introduction The COVID-19 outbreak has been declared as a public health emergency of international concern by the World Health Organization, which is causing a significant impact to people’s lives, businesses and the wider economy. Whilst a significant effort is being made globally to contain the virus, crises such as these can unfold unpredictably. Therefore as … Continue Reading

FCA Quarterly Consultation No. 26

On 6 December 2019, the FCA published Consultation Paper 19/33: Quarterly Consultation No. 26 (CP19/33) In CP19/33 the FCA seeks views from interested stakeholders on proposed miscellaneous changes to the following parts of the FCA Handbook: clarification of the rules relating to Financial Services Compensation Scheme claims against appointed representatives and principals (chapter 2); changes … Continue Reading

Extending the Senior Managers and Certification Regime to Benchmark Administrators

On 29 November 2019, the FCA published a consultation paper (CP 19/31) on how to apply the Senior Managers Regime (SMR) to benchmark administrators. The SMR will come into force for benchmark administrators that do not undertake any other regulated activities on 7 December 2020. In CP 19/31, the FCA explains its proposals to: not … Continue Reading

FCA consults on proposed 2020/21 regulatory fees and levies

On 13 November 2019, the FCA published Consultation Paper 19/30: FCA regulated fees and levies: rates proposals 2020/21 (CP19/30). In CP19/30 the FCA consults on its periodic fees for the next financial year (1 April 2020 to 31 March 2021) and any proposed changes to application fees and other fees. The FCA also consults on the Financial … Continue Reading