On 9 April 2021, the FCA published its latest policy development update. The policy development update lists recently issued FCA publications and lists two forthcoming FCA publications: Consultation paper on exit fees in investment platforms and comparable firms (expected 2021). Consultation paper on FCA regulated fees and levies: rates proposals 2021/22 (expected April 2021).… Continue Reading
On 9 April 2021, the FCA updated its webpage ‘Obtaining a data extract from the Financial Services Register’ announcing that a new version of the Register Extract Service (RES) went live that day. The FCA has also published a revised version of the Subscribers’ Handbook for RES. The Subscribers’ Handbook: Provides an overview of the … Continue Reading
On 8 April 2021, the PRA published Consultation Paper 8/21 ‘Regulated fees and levies: Rates proposals 2021/22’ (CP8/21). CP8/21 is relevant to all firms that currently pay PRA fees or are expecting to do so within the 2021/22 fee year. The proposals in CP8/21 cover: The fee rates to meet the PRA’s 2021/22 Annual Funding … Continue Reading
On 26 March 2021, the FCA issued Handbook Notice No. 86. The Handbook Notice describes the changes to the Handbook and other material made by the FCA Board and the Financial Ombudsman Service Board under their legislative and other statutory powers on 25 March 2021 and 22 March 2021 respectively. On these dates the following … Continue Reading
On 17 March 2021, the PRA published Policy Statement 3/21: PRA fees and levies: Holding company regulatory transaction fees (PS3/21). PS3/21 follows Consultation Paper 21/20 (CP21/20) where the PRA proposed to make a regulatory transaction fee of £2,500 payable in respect of an application for approval or exemption as a holding company made under section … Continue Reading
On 12 March 2021, the FCA published its latest policy development update. The policy development update provides some information on recent and upcoming FCA publications but should not be regarded as comprehensive. The policy development update notes that in 2021 the FCA will publish a consultation paper on exit fees in investment platforms and comparable … Continue Reading
On 5 March 2021, the FCA published Consultation Paper 21/5: Quarterly Consultation Paper No. 31 (CP21/5). CP21/5 has two chapters comprising: Chapter 2: The FCA has become aware of a number of rules and points of guidance in the Compensation sourcebook (COMP) relating to the Financial Services Compensation Scheme (FSCS) which require amendment to ensure … Continue Reading
On 26 February 2021, the FCA published Handbook Notice 85. The Handbook Notice describes the following instruments that the FCA Board approved on 25 February 2021: Consumer Credit (Debt Respite Moratorium) Instrument 2021. Handbook Administration (No 55) Instrument 2021. Supervision Manual (Reporting No 15) Instrument 2021.… Continue Reading
On 5 February 2021, the FCA published its latest Policy Development update which covers recent FCA publications and upcoming publications. Further information on upcoming developments from the UK regulatory authorities can be found in the regulatory initiatives grid.… Continue Reading
On 29 January 2021, the FCA published Handbook Notice No. 84. This Handbook Notice summarises the changes the FCA Board has recently made to the Handbook using the following: Financial Conduct Authority Technical Standards (Capital Requirements Directive and Regulation) (EU Exit) (No 2) Instrument 2020. This instrument contained a series of amendments to the FCA … Continue Reading
On 11 December 2020, the FCA published Handbook Notice No 83. This Handbook Notice describes the changes to the FCA Handbook and other material made by FCA Board under its legislative and other statutory powers on 7 December 2020 and 10 December 2020. In particular, the FCA Board approved a number of Brexit related statutory … Continue Reading
On 4 December 2020, the FCA issued its latest Policy development update providing information on recent and upcoming FCA publications. The Policy development update lists the following forthcoming FCA publications, although the list is not exhaustive: Consultation Paper on amendments to accommodate Breathing Space Regulations (expected Q4 2020). Consultation Paper on exit fees in investment … Continue Reading
On 27 November 2020, the FCA published Handbook Notice No.82. This Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA board under its legislative and other statutory powers on 22 October 2020, 12 November 2020 and 26 November 2020. Where relevant, it also refers to the development stages … Continue Reading
On 23 October 2020, the FCA published Handbook Notice 81. This Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board under its legislative and other statutory powers on 23 July 2020, 30 September 2020 and 22 October 2020. The FCA also provides feedback on the following Quarterly … Continue Reading
On 11 September 2020, the FCA published its latest Policy Development update. The Policy Development update provides information on recent and upcoming FCA publications but should not be regarded as comprehensive. In terms of upcoming FCA publications, these include: Expected Q4 2020: Consultation Paper on amendments to accommodate Breathing Space Regulations. Expected Q4 2020: Policy … Continue Reading
On 1 September 2020, the Prudential Regulation Authority (PRA) published a Dear CEO letter from Sam Woods, Deputy Governor and CEO of the PRA to remind firms to be operationally ready for the Temporary Permissions Regime (TPR). The TPR is due take effect at 11pm on Thursday 31 December 2020, which is the point at … Continue Reading
On 28 August 2020, the Financial Conduct Authority (FCA) published an update to its webpage focused on changes to regulatory reporting during the COVID-19 pandemic. The FCA has permitted extensions to complaints data returns in relation to the 31 August 2020 deadline required by the Dispute Resolution: Complaints Sourcebook (DISP) rule DISP 1.10A.3R(1). The FCA … Continue Reading
On 1 September 2020, the Bank of England (BoE) published a new webpage, which summarises its approach to the Temporary Permissions Regime (TPR). On this new webpage the BoE has confirmed the following: Firms that have submitted a valid Notification or Part 4A application (and not withdrawn) will automatically enter the TPR. Where a firm … Continue Reading
On 24 August 2020, the Financial Conduct Authority (FCA) published a consultation paper (CP20/17) focused on extending its annual financial crime reporting obligation to include firms that carry on regulated activities that potentially pose a higher money laundering risk. This follows its 2019/20 Business Plan commitment to consider extending the reporting obligation to more firms. … Continue Reading
On 18 August, the FCA announced temporary relief for issuers who choose to use the amended International Reporting Standard (IFRS) 16 (COVID-19-related rent concessions – Amendment to IFRS 16) during the coronavirus (COVID-19) pandemic and its aftermath. The amendment to IFRS 16 is effective for reporting periods beginning on or after 1 June 2020 and … Continue Reading
On 7 August 2020, the FCA updated its latest policy development update web page. In terms of upcoming FCA publications, the policy development update notes that: A consultation paper on financial crime reporting is expected in Q3 2020. A consultation paper on exit fees in investment platforms and comparable firms is expected in 2021. A … Continue Reading
On 24 July 2020, the FCA published Handbook Notice 79. This Handbook Notice describes the changes to the FCA Handbook made by the FCA Board under its legislative and other statutory powers on 30 June, 13 July and 23 July 2020. On these dates the FCA Board made the following instruments: COVID-19 Credit Cards and … Continue Reading
On 10 July 2020, the FCA published a new web page concerning a modification by consent of SUP 10A.5.6. The modification by consent extends the period in which an individual can cover for an Approved Person without being approved (known as the ’12-week rule’ and detailed in SUP 10A.5.6) from a maximum of 12 weeks … Continue Reading
On 13 July 2020, the FCA updated its web page concerning enhancements to its Financial Services Register (the Register). The FCA will be replacing its existing Register with an enhanced Register on 27 July 2020. Details of the improvements made to the Register will be provided when the enhanced Register launches. The FCA will then … Continue Reading
