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Latest FCA Policy Development update

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

PRA Dear CEO letter: Temporary Permissions Regime – Operational Readiness

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

COVID-19: FCA extends submission deadline for complaints returns

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

New Bank of England webpage on the Temporary Permissions Regime

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the BoE has confirmed the following: Firms that have submitted a valid Notification or Part 4A application (and not withdrawn) will automatically enter the TPR.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

FCA consults on extending financial crime reporting obligation

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

COVID-19: FCA statement on accounting for lease modifications (amendment to IFRS 16)

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

Latest FCA policy development update

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

PRA policy statement on fees and levies for 2020/21

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

FCA Policy Development update

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

FCA: Handbook Notice 78

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

Latest FCA Quarterly Consultation Paper

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

FCA Handbook Notice 77

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

FCA Handbook Notice 75

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

PRA occasional consultation paper: March 2020

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

Handbook Notice 74

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

FCA Policy development update

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

Latest FCA Policy development update

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

FCA Quarterly Consultation No. 26

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

Latest FCA policy development update

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
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