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Topic: FCA / PRA Handbook

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FCA consults on regulatory fees and levies for 2023/24

On 29 November 2022, the FCA published Consultation Paper 22/23 ‘Regulatory fees and levies: policy proposals for 2023/24’ (CP22/23). In CP22/23 the FCA sets out its proposed policy changes to the way in which it will raise FCA fees from 2023/24. Each chapter of CP22/23 covers a self-contained area of policy: Chapter 2 sets out … Continue Reading

FCA Handbook Notice No. 103

On 31 October 2022, the FCA published Handbook Notice No 103. The 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 28 October 2022. Where relevant, it also refers to the development stages of that material, enabling readers to … Continue Reading

FCA CP22/17: Quarterly Consultation Paper No. 37

On 2 September 2022, the FCA published Consultation Paper 22/17 ‘Quarterly Consultation Paper No. 37’ (CP22/17). In CP22/17 the FCA is proposing: Chapter 2 – Changes to the individually recognised overseas schemes regime and other amendments to the Collective Investment Schemes sourcebook (COLL). The FCA is proposing a new rule in COLL 9.3 to specify … Continue Reading

FCA updates webpage on CP22/5 ‘Proposed changes to allow companies to use a more up to date electronic format for their annual financial reports’

On 18 August 2022, the Financial Conduct Authority (FCA) updated their webpage on Consultation Paper 22/5 ‘Proposed changes to allow companies to use a more up to date electronic format for their annual financial reports’. The webpage has added new text under the section ‘Respond to this consultation’ stating that, the consultation has now closed … Continue Reading

BoE releases Policy Statement on responses to CP3/22 ‘Occasional Consultation Paper’

On 8 August 2022, the Prudential Regulation Authority (PRA) published Policy Statement 7/22 ‘Responses to CP3/22 Occasional Consultation Paper’ (PS7/22). In PS7/22 the PRA sets out its final policy and rules following Consultation Paper 3/22 ‘Occasional Consultation Paper’ (CP3/22).  Earlier consultation In CP3/22, the PRA proposed various miscellaneous amendments to the PRA Rulebook including: An … Continue Reading

FCA updated webpage: Transforming data collection

On 22 July 2022, the FCA updated their website on transforming data collection. The Webpage now contains two further sections as follows: Phase one: The new section outlines the first phase of the programme, which ran from July 2021 until May 2022. The discovery and design stage looked at the Financial resilience survey, a post-pandemic … Continue Reading

FCA: Policy Statement on regulated fees and levies 2022/23

On 28 June 2022, the FCA published Policy Statement 22/7 ‘FCA regulated fees and levies 2022/23: with feedback on CP22/07 and made rules’ (PS22/7). In PS22/7 the FCA sets out the 2022/23 periodic regulatory fees and levies for itself and the Financial Ombudsman Service, the Money and Pensions Service, devolved authorities and HM Treasury’s expenses … Continue Reading

FCA Consultation Paper 22/10 ‘Quarterly Consultation Paper No. 36’

On 10 June 2022, the FCA published Consultation Paper 22/10 ‘Quarterly Consultation Paper No. 36’ (CP22/10). In CP22/10 the FCA proposes the following miscellaneous amendments to the FCA Handbook: Chapter 2 – minor amendment to the Decision Procedure and Penalties manual to reflect changes to the FCA’s decision-making processes implemented on 26 November 2021. Chapter … Continue Reading

Handbook Notice 99

On 27 May 2022, the FCA published Handbook Notice 99. 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 16 May 2022 and 26 May 2022. On these dates the FCA Board approved the following instruments: Perimeter Guidance … Continue Reading

PRA Consultation Paper 3/22 ‘Occasional Consultation Paper – March 2022

On 15 March 2022, the PRA published Consultation Paper 3/22 ‘Occasional Consultation Paper – March 2022’ (CP3/22). In CP3/22 the PRA sets out minor amendments to UK Technical Standards (UKTS), PRA rules, supervisory statements (SS), Legacy Supervisory Statements, and a Statement of Policy (SoP). Among other things it proposes: To remediate a small inconsistency in … Continue Reading

PRA updates webpage on waivers and modifications of rules

On 15 March 2022, the PRA updated its webpage regarding waivers and modifications of rules. The PRA has added new text regarding modification by consent for indirect derivative client clearing; Articles 411 and 428da of the Liquidity (CRR) Part of the PRA Rulebook. The PRA explains that in light of supervisory intelligence it received after … Continue Reading

Financial Institutions and the hybrid work environment

The onset of the pandemic in March 2020 forced financial institutions (FIs) across the world to change their working practices. Large numbers of employees moved from working in an office five days a week to working from home as countries locked down. Today, it appears unlikely that FIs will return to their previous working models … Continue Reading

FCA Handbook Notice No 96

On 28 February 2022, the FCA published Handbook Notice No 96.  This Handbook Notice reports on the instruments that the FCA Board approved on 25 February 2022. These were: Funeral Plans (No 3) Instrument 2022. In Consultation Paper 21/4 the FCA proposed changes to chapter 8 of the Funeral Planning Conduct of Business (FPCOB) sourcebook … Continue Reading

On 25 January 2022, the Financial Conduct Authority (FCA) published Guidance Consultation 22/1 ‘FCA’s approach to compromises for regulated firms’ (GC22/1). The FCA reports that it is seeing an increase in the number of regulated firms proposing compromises (arrangements that allow a firm to settle its liabilities with creditors and/or shareholders). The FCA sets out … Continue Reading

FCA updates webpage on FG15/8 ‘FCA’s powers and procedures under the Competition Act 1998

On 19 January 2022, the FCA updated its webpage concerning Finalised Guidance 15/8 ‘FCA’s powers and procedures under the Competition Act 1998’ (FG15/8). The FCA states that it has made certain updates to FG15/8 including: Inserting a section clarifying the FCA’s competition powers following EU withdrawal. Making clear that since April 2019 the FCA’s competition … Continue Reading

MIFIDPRU Remuneration Code (SYSC 19G)

On 13 January 2022, the FCA published a new webpage concerning the MIFIDPRU Remuneration Code which applies to MiFIDPRU investment firms for performance periods starting on or after 1 January 2022. The core requirements in the MIFIDPRU Remuneration Code apply to all small and non-interconnected (SNI) MIFIDPRU investment firms, with the requirements applying in full … Continue Reading
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