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the BoE has confirmed the following: Firms that have submitted a valid Notification or Part 4A application (and not withdrawn) will automatically enter the TPR.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
On 7 July 2020, the PRA published Policy Statement 16/20 ‘Regulated fees and levies: rates for 2020/21’ (PS16/20). In PS16/20 the PRA provides feedback to the responses received to Consultation Paper: 4/20 ‘Regulated fees and levies: Rates proposals 2020/21’ (CP4/20). The PRA received five responses to CP4/20. No changes have been made to the proposals … Continue Reading
On 3 July 2020, the FCA published its latest Policy Development update. The update provides some information on recent and upcoming FCA publications but should not be regarded as comprehensive. In terms of future publications, the policy development update notes that the FCA will publish, among other things, a consultation paper in Q2 2020 covering … Continue Reading
On 2 July 2020, the FCA published Policy Statement 20/7: FCA regulated fees and levies 2020/21: including feedback on CP20/06 and made rules (PS20/7). In PS20/7 the FCA sets out its feedback to its earlier consultation on regulated fees and levies for 2020/21 and confirms its final fees and levies. All FCA fee payers are … Continue Reading
On 26 June 2020, the FCA published Handbook Notice 78. 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 21 May 2020 and 25 June 2020 under the following instruments: Conduct of Business Sourcebook (Pension Transfers) (No 3) … Continue Reading
On 5 June 2020, the FCA published Consultation Paper 20/7: Quarterly Consultation No 28 (CP20/7). In CP20/7 the FCA sets out miscellaneous amendments to the FCA Handbook comprising: Rule clarification to confirm the ability of the Financial Services Compensation Scheme to declare in default firms and successors subject to the proposed new moratorium under the … Continue Reading
On 22 May 2020, the FCA published Handbook Notice 77. This Handbook Notice describes the changes to the Handbook and other material made by the FCA Board under its legislative and other statutory powers on 13 May and 21 May 2020. Where relevant, it also refers to the development stages of that material, enabling readers … Continue Reading
On 27 March 2020, the FCA published Handbook Notice 75. In this Handbook Notice the FCA summarises the changes it made in the FCA Handbook on 26 March 2020 using the following instruments: Handbook Administration (No 52) Instrument 2020; Financial Services Compensation Scheme (Management Expenses Levy Limit 2020/2021) Instrument 2020; Listing Rules (Contents of Circulars) … Continue Reading
On 26 March 2020, the PRA published Consultation Paper 3/20: Occasional Consultation Paper – March 2020 (CP3/20). In CP3/20 the PRA sets out its proposals to make minor amendments to PRA rules, supervisory statements (SS), national specific templates (NSTs) and associated LOG files, and the market risk sensitivities data item and associated instructions. Specifically CP3/20 … Continue Reading
On 27 February 2020, the FCA published Handbook Notice No 74. In Handbook Notice No 74 the FCA provides a brief summary of: Consultation Paper 19/10: Pension Schemes (Disclosure of Transaction Costs and Administration Charges) (Amendment) Instrument 2020; Consultation Paper 19/23: Insurance; Conduct of Business Sourcebook (Access to Travel Insurance) Instrument 2020; and Fees (Miscellaneous … Continue Reading
On 7 February 2020, the FCA updated its Policy development update webpage providing information on recent and upcoming FCA publications. In terms of upcoming publications, the FCA states that in March it will publish a consultation paper on exit fees in investment platforms and comparable firms.… Continue Reading
On 10 January 2020, the FCA published its latest Policy development update which provides information about recent and upcoming publications by the regulator. In terms of forthcoming publications the Policy development mentions that the FCA will publish: consultation paper on exit fees in investment platforms and comparable firms (March 2020); consultation paper on open-ended investment … Continue Reading
On 13 December 2019, the FCA published Handbook Notice No 72. The Handbook Notice summarises the changes the FCA Board made to the Handbook on 21 November and 12 December 2019. On 21 November 2019, the FCA Board made changes to the Handbook through the Conduct of Business (Speculative Illiquid Securities) Instrument 2019. On 12 … Continue Reading
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
On 6 December 2019, the FCA published its latest policy development update setting out information on recent and forthcoming FCA publications. Forthcoming FCA publications include: consultation and discussion on Investment Market Study remedies (to be published alongside the Market Study Final Report) – expected March 2019; consultation on price discrimination in the cash savings market … Continue Reading
