The FCA has published Handbook Notice No.43. The Handbook Notice briefly describes the Handbook changes made by the FCA on 27 April 2017:
- Senior Management Arrangements, Systems and Controls (Remuneration Codes) (No. 7) Instrument 2017 (FCA 2017/21);
- Accountability and Whistleblowing (No.2) Instrument 2017 (FCA 2017/22);
- Individual Conduct Rules (Non-Executive Directors) Instrument 2017 (FCA 2017/23);
- Training and Competence Sourcebook (Appropriate Qualification Examination Standards) Instrument 2017 (FCA 2017/24);
- Conduct of Business Sourcebook (Adviser Charging for Vertically Integrated Firms) Instrument 2017 (FCA 2017/25);
- Insurance Act 2015 (Consequential Amendments) Instrument 2017 (FCA 2017/26);
- Individual Accountability (Enforcement) (Duty of Responsibility) Instrument 2017 (FCA 2017/27); and
- Packaged Retail and Insurance-based Investment Products Regulation Instrument 2017 (FCA 2017/28).
The Senior Management Arrangements, Systems and Controls (Remuneration Codes) (No.7) Instrument 2017 makes changes to align the FCA guidance with the EBA Guidelines on sound remuneration policies, simplify the FCA Handbook and align the guidance in SYSC 19A with SYSC 19D, and introduce new guidance in SYSC 19A and SYSC 19D to make it clearer how to apply existing FCA requirements on assessing performance for awards of variable remuneration. These changes will support the FCA’s remuneration regime and ensure that firms have sound and effective remuneration policies in place which promote effective risk management and do not provide incentives for excessive risk-taking. The instrument comes into force on 3 May 2017.
The Accountability and Whistleblowing (No.2) Instrument 2017 follows Consultation Paper 16/25: Whistleblowing in UK branches of overseas banks and seeks to better protect and encourage a greater number of whistleblowers in UK branches of overseas banks to come forward to the FCA or PRA. The instrument comes into force on 7 September 2017.
The Individual Conduct Rules (Non-Executive Directors) Instrument 2017 makes certain changes to the Code of Conduct sourcebook so that it applies to standard non-executive directors. The instrument comes into force on 3 July 2017.
View FCA Handbook Notice No.43, 28 April 2017