On 2 April 2024, the Financial Conduct Authority (FCA) published Handbook Notice No 117, which describes the changes made to the FCA Handbook by the Executive Regulation and Policy Committee and the FCA Board under their legislative and other statutory powers.
Summary of changes
On 4 March 2024, the Executive Regulation and Policy Committee made changes to the Handbook, through the Handbook Administration (Supervision Manual) Instrument 2024. In summary, this instrument removes SUP 1A, relating to the FCA’s approach to supervision. The removal was made on 19 March 2024, in alignment with the publication of the updated Approach to Supervision document. The refreshed document refers to the FCA’s current strategic priorities and objectives, its intended changes to the supervision model and the recent changes to the FCA’s supervisory context (namely the Consumer Duty). Accordingly, the removal of SUP 1A gives the FCA the ability to update its regulatory approach documents in a more flexible manner.
The Board of the FCA has also made changes through a number of instruments:
The following instruments, which make changes following consultation in CP23/22 and CP24/3, are effective from 1 April 2024:
- Periodic Fees 2024/2025 and Other Fees Instrument 2024.
- Fees (Special Project Fee for Restructuring) (Amendment) Instrument 2024.
The following instruments are effective from 2 April 2024:
- Collective Investment Schemes Sourcebook (Miscellaneous Amendments) Instrument 2024, which makes changes following consultation in CP23/25.
- Credit Unions Sourcebook Instrument 2024, which makes changes following consultation in CP23/25.
- Conduct of Business Sourcebook (Amendment) Instrument 2024, which makes changes following consultation in CP23/25.
- Financial Services Compensation Scheme (Management Expenses Levy Limit 2024/2025) Instrument 2024, which makes changes following consultation in CP24/1.
- Financial Promotions and High-Risk Investments (Incentives) Instrument 2024, which makes changes following consultation in CP23/14.
- Investment Firms Prudential Regime (Amendment) Instrument 2024, which makes changes following consultation in CP23/25.
The following instrument is effective from 5 April 2024:
- Data Reporting Services Forms (Amendment) Instrument 2024, which sets out changes made following consultation in CP23/33.
Handbook Notice No 117 also describes changes made by Handbook Administration (No 69) Instrument 2023; the relevant changes are effective from 29 March 2024, 2 April 2024, 4 April 2024, 5 April 2024 and 11 April 2024.