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Topic: FCA / PRA Handbook

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FCA Regulation Roundup – update on SMR and AR applications and switching off fsa.gov.uk redirects

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

FCA updates latest policy development update

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

Latest FCA policy development update

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

FCA Consultation Paper 21/28 ‘New cancellation and variation power: Changes to the Handbook and Enforcement Guide’

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

PS21/7: FCA regulated fees and levies 2021/22

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

Handbook Notice no. 89

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

PRA CP13/21: Occasional Consultation Paper – June 2021

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

Handbook Notice No 88

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

FCA publishes web page on buildings insurance for leasehold properties in light of cladding concerns

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

FCA Handbook Notice 87

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

CP21/8: FCA regulated fees and levies: Rates Proposals 2021/22

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

PRA – Waivers and modifications of rules

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

Latest FCA policy development update

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

FCA launches new version of Financial Services Register Extract Service

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

FCA Handbook notice No. 86

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

PS3/21 – PRA fees and levies: Holding company regulatory transaction fees

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
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