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Topic: FCA / PRA Handbook

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MIFIDPRU Remuneration Code (SYSC 19G)

On 13 January 2022, the FCA published a new webpage concerning the MIFIDPRU Remuneration Code which applies to MiFIDPRU investment firms for performance periods starting on or after 1 January 2022. The core requirements in the MIFIDPRU Remuneration Code apply to all small and non-interconnected (SNI) MIFIDPRU investment firms, with the requirements applying in full … Continue Reading

PRA and FCA consult on MELL for the FSCS

On 12 January 2022, the PRA and FCA jointly issued a Consultation Paper setting out proposals for the Management Expenses Levy Limit (MELL) for the Financial Services Compensation Scheme (FSCS) for 2022/23. The Consultation Paper is supported by the FSCS’ publication of its Budget Update for 2022/23. The proposed MELL is £110.5 million for 2022/23, … Continue Reading

FCA issues statement on supervision of commodity derivative position limits

On 20 December, the FCA published a statement on its website regarding the supervision and enforcement of commodity derivative position limits (‘the Statement’). The Statement reiterates the position taken in its December 2020 Supervisory Statement (‘2020 Statement’) that the FCA did not intend to take supervisory or enforcement action for positions that exceed limits where … Continue Reading

The Financial Services and Markets Act 2000 (Consequential Amendments of References to Rules) Regulations 2021

On 10 December 2021, there was published on legislation.gov.uk The Financial Services and Markets Act 2000 (Consequential Amendments of References to Rules) Regulations 2021. This instrument is made under section 141A(2) of the Financial Services and Markets Act 2000. It makes amendments to update references in legislation to rules made by the Prudential Regulation Authority … Continue Reading

FCA Discussion Paper 21/5 ‘Compensation framework review’

On 6 December 2021, the Financial Conduct Authority (FCA) published Discussion Paper 21/5 ‘Compensation framework review’ (DP21/5). The purpose of DP21/5 is to open a discussion with stakeholders on ways in which aspects of the compensation framework which the FCA is responsible for could be improved. The review is not of the Financial Services Compensation … Continue Reading

FCA publishes Consultation Paper 21/35 ‘Quarterly Consultation No 34’

On 3 December 2021, the Financial Conduct Authority (FCA) published Consultation Paper 21/35 ‘Quarterly Consultation No 34’ (CP21/35). In CP21/35 the FCA proposes: Chapter 2 – Minor amendments to the Enforcement Guide to reflect the EU Exit Passport Regulations. Changes will provide information about when the FCA are generally likely to consider using the power … Continue Reading

FCA confirms recognition of the revised FX Global Code and the Global Precious Metals Code

 On 19 November 2021, the FCA confirmed under its code recognition scheme that it was recognising that: Updated FX Global Code (the FX Code) – maintained and updated by the Global Foreign Exchange Committee, this Code sets principles of good practice standards for the global foreign exchange (FX) market, promoting the integrity and effective functioning … Continue Reading

PRA Policy Statement 25/21: Responses to CP13/21 ‘Occasional Consultation Paper’

On 8 November 2021, the PRA published Policy Statement 25/21: Responses to CP13/21 ‘Occasional Consultation Paper’ (PS25/21). In PS25/21 the PRA provides feedback to responses to Consultation Paper 13/21: ‘Occasional Consultation Paper’ (CP13/21). It also contains the final rules, updated Supervisory Statements, and updated templates, instructions, and associated guidance and notes. In CP13/21 the PRA … Continue Reading

FCA publish PS21/14 – A new authorised fund regime for investing in long term assets

On 25 October 2021, the Financial Conduct Authority (FCA) published Policy Statement PS 21/14, ‘A new authorised fund regime for investing in long term assets’. PS21/14 sets out a response to the feedback received to Consultation Paper CP21/12 proposing a new category of authorised open-ended fund called the long-term asset fund (LTAF). The LTAF is … Continue Reading

BoE Policy Statement: Fees regime for FMI supervision 2021/22

On 18 October 2021, the Bank of England (BoE) published a Policy Statement providing feedback to the responses to its earlier consultation paper setting out proposed supervisory fees for financial market infrastructure (FMI) for 2021/22.  The BoE also sets out the FMI fees for 2021/22 with total FMI fees expected to be £10.6 million. The … Continue Reading

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
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