The FCA has published Consultation Paper 17/14: Quarterly Consultation No. 17 (CP17/14).
In CP17/14 the FCA proposes changes to:
- the Training and Competence sourcebook list of appropriate qualifications;
- the Supervision manual (SUP) to clarify the application of the requirement to have a client assets report to loan-based crowdfunding platforms. When firms operating loan-based crowdfunding platforms came into the scope of FCA regulation, the FCA published various papers on the requirements for these firms. In these papers the FCA set out its intention for these firms to be subject to its client assets regime, including the Client Assets sourcebook and the requirement to appoint an auditor to prepare and submit a client assets report (SUP 3). However, the FCA feels that the latter requirement is not clearly stated in its current rules and therefore changes should be made to the rules to ensure that the original policy intention is carried through; and
- the SUP regulatory reporting requirements. The proposed changes will be of interest to firms subject to SUP 16.3, retail mediation firms, PRA designated investment firms, pension providers and firms subject to remuneration reporting.
The deadline for comments on the proposed changes to TC and the SUP requirements concerning the client assets report is 12 July 2017. The deadline for comments on the proposed changes to the SUP regulatory reporting requirements is 12 August 2017.
View CP17/14: Quarterly Consultation Paper No.17, 12 June 2017