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Topic: FCA / PRA Handbook

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FCA Consultation Paper 22/10 ‘Quarterly Consultation Paper No. 36’

On 10 June 2022, the FCA published Consultation Paper 22/10 ‘Quarterly Consultation Paper No. 36’ (CP22/10). In CP22/10 the FCA proposes the following miscellaneous amendments to the FCA Handbook: Chapter 2 – minor amendment to the Decision Procedure and Penalties manual to reflect changes to the FCA’s decision-making processes implemented on 26 November 2021. Chapter … Continue Reading

Handbook Notice 99

On 27 May 2022, the FCA published Handbook Notice 99. 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 16 May 2022 and 26 May 2022. On these dates the FCA Board approved the following instruments: Perimeter Guidance … Continue Reading

PRA Consultation Paper 3/22 ‘Occasional Consultation Paper – March 2022

On 15 March 2022, the PRA published Consultation Paper 3/22 ‘Occasional Consultation Paper – March 2022’ (CP3/22). In CP3/22 the PRA sets out minor amendments to UK Technical Standards (UKTS), PRA rules, supervisory statements (SS), Legacy Supervisory Statements, and a Statement of Policy (SoP). Among other things it proposes: To remediate a small inconsistency in … Continue Reading

PRA updates webpage on waivers and modifications of rules

On 15 March 2022, the PRA updated its webpage regarding waivers and modifications of rules. The PRA has added new text regarding modification by consent for indirect derivative client clearing; Articles 411 and 428da of the Liquidity (CRR) Part of the PRA Rulebook. The PRA explains that in light of supervisory intelligence it received after … Continue Reading

Financial Institutions and the hybrid work environment

The onset of the pandemic in March 2020 forced financial institutions (FIs) across the world to change their working practices. Large numbers of employees moved from working in an office five days a week to working from home as countries locked down. Today, it appears unlikely that FIs will return to their previous working models … Continue Reading

FCA Handbook Notice No 96

On 28 February 2022, the FCA published Handbook Notice No 96.  This Handbook Notice reports on the instruments that the FCA Board approved on 25 February 2022. These were: Funeral Plans (No 3) Instrument 2022. In Consultation Paper 21/4 the FCA proposed changes to chapter 8 of the Funeral Planning Conduct of Business (FPCOB) sourcebook … Continue Reading

On 25 January 2022, the Financial Conduct Authority (FCA) published Guidance Consultation 22/1 ‘FCA’s approach to compromises for regulated firms’ (GC22/1). The FCA reports that it is seeing an increase in the number of regulated firms proposing compromises (arrangements that allow a firm to settle its liabilities with creditors and/or shareholders). The FCA sets out … Continue Reading

FCA updates webpage on FG15/8 ‘FCA’s powers and procedures under the Competition Act 1998

On 19 January 2022, the FCA updated its webpage concerning Finalised Guidance 15/8 ‘FCA’s powers and procedures under the Competition Act 1998’ (FG15/8). The FCA states that it has made certain updates to FG15/8 including: Inserting a section clarifying the FCA’s competition powers following EU withdrawal. Making clear that since April 2019 the FCA’s competition … Continue Reading

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
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