On 1 March 2023, the Prudential Regulation Authority (PRA) published its Regulatory Digest for February 2023. The digest highlights the PRA’s key regulatory news and publications for the month. This edition of the digest highlights the following top news and publications:… Continue Reading
On 24 February 2023, the FCA published Handbook Notice 107. The Handbook Notice discusses the following instruments, approved by the FCA board on 23 February 2023, which make changes to the FCA Handbook and other FCA materials:… Continue Reading
On 31 January 2023, the Bank of England (BoE) published Consultation Paper CP2/23 – Moving Senior Managers Regime forms from the Prudential Regulation Authority (PRA) Rulebook. CP2/23 sets out the PRA’s proposals to remove certain Senior Managers and Certification Regime (SM&CR) forms from the PRA Rulebook and to extend the length of employment history required … Continue Reading
On 27 January 2023, the FCA published Handbook Notice 106. This Handbook Notice discusses the following instruments that the FCA board approved on 26 January 2023: In relation to the latter instrument it makes changes to the Handbook so that only firms that would have been both significant IFPR firms and IFPRU investment firms under … Continue Reading
On 12 January 2023, the FCA updated its webpage on the list of industry guidance that has received FCA confirmation. The webpage now notes that the expiry date for Radiocentre’s guidance on ensuring financial promotions for motor brands on radio are clear, fair and not misleading has been extended from 13 January 2023 to 13 … Continue Reading
On 11 January 2023, the FCA published a portfolio letter setting out its new strategy for supervising wholesale brokers. The letter details what the FCA believes are the most important risks arising from wholesale brokers, what it thinks drives those risks and the supervisory focus for the next two years. Given the current economic climate, … Continue Reading
On 16 December 2022, the FCA published Handbook Notice 105. 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 24 November 2022, 9 December 2022 and 15 December 2022. During this time the FCA Board approved various instruments … Continue Reading
On 12 December 2022, the FCA updated their webpage on the Climate Financial Risk Forum (CFRF). The webpage now contains information and guides from session 3. Session 3 of the CFRF began on 27 April 2022. The session will run for approximately 12 months. There are three working groups: 1) data, disclosure and metrics, 2) … Continue Reading
On 12 December 2022, the FCA published a firm wide review on understanding approaches to D&I in financial services. In July 2021, the FCA published a joint Discussion Paper with the PRA and the Bank of England. The Discussion Paper discussed the current state of diversity and inclusion in the financial services industry, setting out … Continue Reading
On 2 December 2022, the FCA published Consultation Paper 22/26: Quarterly Consultation No 38 (CP22/26). In CP22/26 the FCA consults on various miscellaneous amendments to the FCA Handbook which would: Make changes to the Training and Competence sourcebook. Make changes to remove all derivative products referencing USD LIBOR from the derivatives trading obligation. Move the … Continue Reading
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
On 25 November 2022, the FCA published Handbook Notice No 104. This Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA on 28 October 2022 and 24 November 2022. Where relevant, it also refers to the development stages of that material, enabling readers to look back at developmental … Continue Reading
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
On 28 October 2022, the FCA published a new webpage on modification by consent: GEN: SYSC, TC, MIPRU, ICOBS, PROD and SUP. The webpage outlines the following: Which firms the modifications apply to. What is the purpose of the modification. How can firms make use of this modification.… Continue Reading
On 30 September 2022, the FCA published Handbook Notice No 102. 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 15 July 2022 and 29 July 2022. Where relevant, it also refers to the development stages of that … Continue Reading
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
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
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
On 27 July 2022, the FCA Practitioner Panel published their Annual Report for 2021/2022. The FCA Practitioner panel is a statutory panel for the FCA. Alongside the Small Business and Markets Practitioner Panels, it represents the interests of practitioners and provides advice to the FCA on the extent to which it policies and practices are … Continue Reading
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
On 18 July 2022, the FCA issued its latest Handbook Notice (No. 101) describing the changes to the FCA Handbook and other material by the FCA Board under its legislative and other statutory powers on 23 June 2022 and 15 July 2022. On 23 June 2022, the FCA Board made changes to the Handbook in … Continue Reading
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
On 24 June 2022, the FCA published Handbook Notice No 100. 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 1 June and 23 June 2022. Furthermore, where relevant, it also refers to the development stages of that … Continue Reading
