Handbook Notice 111 [pdf]

The Financial Conduct Authority (FCA) has published Handbook Notice 111 to summarize the latest amendments to its Handbook in accordance with the following consultations and FCA Instruments:
Figure 1 – Oversight Table

##### FCA 2023/23, CP23/1, PS23/9, EventID #21949
This instrument was published by the FCA on July 3, 2023 and came into force on July 31, 2023. It implements new guidance in the FCA Handbook, namely in the Insurance: Conduct of Business sourcebook (ICOBS), to address the FCA’s expectations for insurance companies and intermediaries when dealing with customers facing financial challenges. The guidance thereby clarifies that the options and level of support provided by firms may vary depending on factors such as the nature of the relationship with the customer and the type of product offered. Additionally, firms shall consider referring customers to other firms within the distribution chain if such firms are better equipped to support the customers. Lastly, the new provisions clarify that the guidance will not apply to contracts involving large risks and commercial customers.
##### FCA 2023/25, CP22/18, PS23/11, EventID #22024
This instrument was published by the FCA on July 5, 2023 and will come into force on October 9, 2023. It contains changes to the Perimeter Guidance Manual (PERG) to clarify – in form of Q&As – the meaning of the term „multilateral system (MLS)“ for purposes of the application of trading venue requirements and to clarify the systems, operators, and firms that would fall under the definition of MLS.
##### FCA 2023/26, CP23/7, PS23/10, EventID #22017
This instrument was issued by the FCA on July 3, 2023 as part of Policy Statement PS23/10 which stipulates the final supervisory fees for the supervisory year 2023/2024. Specifically, the instrument modifies the FCA Handbook Fees Manual (FEES) in accordance with the policy statement to adopt the new fees as they apply from July 1, 2023. The instrument was effective July 4, 2023.
##### FCA 2023/30, CP23/9, no PS yet, EventID #20906
This FCA instrument was issued by the FCA on July 28, 2023 and will come into force on January 1, 2024. It modifies the FCA’s Supervision manual (SUP) to extend the scope of firms subject to filing the so-called FIN073 regulatory return which is used to measure and monitor the resilience of all supervised firms by collecting information on the amount of liquid assets, net profits (or losses) during a quarter, cash needs, and revenues on a quarterly basis. Thereafter, credit brokers with full permission are no longer exempt from filing this return.
##### FCA 2023/31, CP23/2, no PS yet, EventID #19235
This FCA instrument was issued by the FCA on July 28, 2023 and came into force on same day. It repeals the Retained European Single Electronic Format Regulation (UK ESEF Regulation) to facilitate the effectiveness of the FCA’s own rules regarding the reporting in the „Single Electronic Format“ by listed issuers in accordance with proposals in CP23/2.
##### FCA 2023/32, CP23/2, no PS yet, EventID #19235
This FCA instrument was issued by the FCA on July 28, 2023 and came into force on same day. It modifies the Glossary of definitions and the Disclosure Guidance and Transparency Rules sourcebook (DTR) in relation to requirements of public issuers as regards the preparation of their annual financial reports to
– implement own rules as regards the reporting in the „Single Electronic Format“ thereby repealing the application of the currently applied EU Retained ESEF Regulation (see FCA Instrument 2023/31); and
– require issuers to tag their annual financial statements using a ‘generally accepted taxonomy’ for annual corporate reporting in UK regulated markets.
##### FCA 2023/33, no CP, no PS yet, No Event
This FCA instrument was issued by the FCA on July 28, 2023 and came into force on same day. It makes a minor non-material change to the Conduct of Business sourcebook (COBS) to „make a change to the deadlines in the FCA’s rules for providers of personal and stakeholder pensions“ in view of the postponement of the implementation of the pension dashboard infrastructure (please see EventID 22379 in this context).