The Financial Conduct Authority (FCA) has published an updated version of its List of non-legal corrections and clarifications in the FCA Handbook which contains changes the regulator has recently made to its Handbook which were NOT outlined in any corresponding instrument. The modifications are technical in nature, including corrections and adjustments primarily for clarification, correction, and regulatory alignment purposes. They do NOT alter current regulations and policies contentwise.
In this particular case, the following FCA Handbook sections are concerned and were modified:
(1) SYSC Senior Management Arrangements, Systems and Controls, specifically SYSC 6.1 and SYSC 8.1 as regards the compliance function within firms and requirements pertaining to outsourcing, respectively; and
(2) COBS Conduct of Business Sourcebook, specifically COBS 9A.2.15, COBS 9A.2.18A, COBS 9A.2.19, COBS 9A.2.20, COBS 9A.2.20A, COBS 9A.2.23, COBS 9A.2.24, COBS 9A.3.1, COBS 9A.3.1A, COBS 9A.3.1, COBS 9A.3.3, COBS 9A.3.3A, COBS 9A.3.8, COBS 9A.3.10, COBS 9A.4.3, COBS 9A.4.4 relating to suitability assessments under MiFID and as regards insurance-based investment products provisions.
—
The FCA emphasizes that none of the changes are regarded as having „a legal effect“ or as „policy changes“ to the Handbook.