On 26 January 2023, the FCA published its latest Regulation Round-up.
Regulation Round-up is the FCA’s monthly newsletter to firms on hot topics, events and sector news.
Among other things in Regulation Round-up the FCA:
- Draws attention to its recent review of Consumer Duty implementation plans. The review identifies key areas for firms to focus on over the next 6 months, gives examples of good practice, and areas where firms need to improve their approach.
- States that it is now asking firms applying for permission for the first time, and those applying to vary their permissions, to explain how they have incorporated the Consumer Duty into their businesses.
- Reminds firms that how they log into FCA systems is changing. The FCA is introducing multi-factor authentication to strengthen how firms log into its systems and to further protect and control access to data.
- Reminds principal firms with appointed representatives that they must respond to the mandatory Section 165 request by 28 February 2023.
- Reminds firms that from February 2023 it is hosting a series of live and local events across the UK on the Consumer Duty. The events are aimed at small and medium sized firms and will focus on the Retail Investment and Mortgage sectors.
