On 16 September 2021, the FCA published its latest Regulation Round-up. Among other things the Regulation Round-up provides an update on: Senior Manager Regime (SMR) and Appointed Representative (AR) applications. The FCA mentions its earlier communication in December about delays in determining SMR and Significant Influence Function (SIF) applications, following the large volume of applications … Continue Reading
On 10 September 2021, the FCA updated its latest policy development update by adding that on 25 October 2021 it expects to publish a Policy Statement on restricting claims management company charges for financial products and services claims. The Policy Statement follows Consultation Paper 21/1: Restricting CMC charges for financial services and products claims that … Continue Reading
On 10 September 2021, the FCA published its latest policy development update. The policy development update provides some information on the FCA’s recent and upcoming publications but should not be regarded as comprehensive. Among other things the policy development update notes that: A policy statement is expected at the end of November 2021 covering changes … Continue Reading
On 9 September 2021, the FCA published Consultation Paper 21/28 ‘New cancellation and variation power: Changes to the Handbook and Enforcement Guide’ (CP21/28). The Financial Services Act 2021 inserted a new Schedule 6A into the Financial Services and Markets Act 2000 (FSMA). This schedule set out a new power allowing the FCA to more quickly … Continue Reading
On 16 July 2021, the FCA published a statement on its website providing an update on some of its plans which had been delayed by the COVID-19 pandemic. Some of the headlines from the statement include: The FCA will not continue its planned work on the second assessing suitability review, looking at retirement income advice, … Continue Reading
On 16 July 2021, the FCA provided an update on Policy Statement 21/7: FCA regulated fees and levies 2021/22. The update reads: “We published an updated version of PS21/7 with an amended fees and levies rates instrument in Appendix 1. Under FEES 7A Annex 3R the amended instrument correctly states the 2021/22 levy rate for … Continue Reading
On 6 July 2021, the PRA published Policy Statement 15/21 ‘Regulated fees and levies: Rates for 2021/22’ (PS15/21) PS15/21 is relevant to all firms that currently pay PRA fees or are expecting to do so within the 2021/22 fee year. It sets out: The fee rates to meet the PRA’s 2021/22 Annual Funding Requirement (AFR) … Continue Reading
On 1 July 2021, the FCA published Policy Statement 21/7: FCA regulated fees and levies 2021/22 (PS21/7). In PS21/7 the FCA is publishing the 2021/22 periodic regulatory fees and levies for the FCA, Financial Ombudsman Service, Money and Pensions Service, Devolved Authorities and HM Treasury’s expenses for tackling illegal money lending. The FCA also sets … Continue Reading
On 25 June 2021, the FCA published Handbook Notice no. 89. 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 June 2021. On this date the FCA Board approved the following instruments: Training and Competence Sourcebook (Amendment … Continue Reading
On 25 June 2021, the PRA issued ‘Consultation Paper 13/21: Occasional Consultation Paper – June 2021’ (CP13/21). In CP13/21 the PRA sets out proposals to make minor amendments to PRA rules, supervisory statements, reporting data items and instructions, the Branch Return and associated guidance and notes. In particular: In chapter 2 the PRA proposes changes … Continue Reading
On 4 June 2021, the FCA published Quarterly Consultation Paper No. 32 (CP21/16). In CP21/16 the FCA proposes the following changes to the FCA Handbook: Chapter 2 – amendments to the rule in CONC 6.7.4R to enable firms providing credit cards to offer instalment plans to customers without requiring a rule modification. Chapter 3 – … Continue Reading
On 1 June 2021, the FCA updated its webpage concerning how to apply for authorisation. The FCA has added a new section titled “Change of legal status” which provides: “If you change your firm’s legal status you will need to submit a new firm authorisation application. You will also have to sign a Deed Poll … Continue Reading
On 28 May 2021, the FCA published Handbook Notice No 88. In this Handbook Notice the FCA summarises the Individual Accountability (Miscellaneous Amendments) Instrument 2021 which the FCA Board approved on 27 May 2021. This instrument makes changes to the FCA Handbook to reflect the FCA’s expectations for firms to notify the regulator of when … Continue Reading
On 20 May 2021, the FCA updated its webpage regarding change of legal status. From 1 June 2021, the FCA will no longer be accepting change of legal status applications. Instead, if a firm is thinking of changing its legal status, it will need to submit a new authorisation application. The firm will also need … Continue Reading
The Financial Conduct Authority (FCA) has published a web page setting out its expectations for buildings insurance providers in terms of offering fair value insurance for leasehold properties. Recently, leaseholders of apartments have been paying more for buildings insurance, especially where the exterior has been covered with cladding. The FCA says that insurers and intermediaries … Continue Reading
On 30 April 2021, the FCA published Handbook Notice 87. 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 25 March 2021 and 29 April 2021. On these dates the FCA Board approved the following: Supervision Manual (Financial … Continue Reading
On 20 April 2021, the FCA issued a short statement confirming that its 2021/22 Business Plan will be published in July, rather than April. The Business Plan will be published alongside the 2020/21 Annual Report and Accounts, and will include an update on the regulator’s plans for transforming itself.… Continue Reading
On 20 April 2021, the FCA published Consultation Paper 21/8 ‘FCA regulated fees and levies: rates proposals 2021/22’ (CP21/8). In CP21/8 the FCA consults on its periodic fees for the next financial year (2021/22) and further FCA fees policy proposals. The FCA is also consulting on the Financial Ombudsman Service general levy, Money and Pensions … Continue Reading
On 19 April 2021, the PRA updated its webpage concerning waivers and modifications of rules. The updated webpage states that the consolidated list of waivers, CRR and Solvency II Permissions granted by the PRA to PRA-authorised firms is no longer being provided. If PRA-authorised firms wish to discuss their requirements they need to contact PRA-Waivers@bankofengland.co.uk. … Continue Reading
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
