Handbook Notice 114 [pdf]

The Financial Conduct Authority (FCA) has published Handbook Notice 114 to summarize the latest amendments to its Handbook in accordance with the following consultations and FCA Instruments:
Figure 1 – Oversight Tables



##### FCA 2023/39, CP22/20, PS23/16, EventID #24131.
This instrument was published by the FCA as part of Policy Statement PS23/16 on the disclosure requirements and labeling of sustainability-related investment products on November 28, 2023 to be effective immediately. It modifies a large number of sourcebooks to establish a new anti-greenwashing rule, introduce new product labels for ESG products, define stringent criteria for the use of such labels, set out ESG-related naming and marketing rules for ESG products, and introduce detailed disclosure requirements for such products.
##### FCA 2023/40, CP23/11, PS23/17, EventID #24252
This FCA instrument was issued by the FCA on December 5, 2023 to be effective on December 8, 2023. It implements changes to the SYSC Sourcebook and the Glossary in accordance with the joint Policy Statement of the FCA and the PRA as regards the remuneration policy requirements of dually regulated CRR firms, particularly small ones. The instrument specifically defines the criteria for qualifying as a „small (CRR) firm“ for purposes of applying less stringent remuneration rules, removes the malus and clawback requirement of such firms, and makes additional non-material changes to the Handbook to align with the PRA’s Rulebook.
##### FCA 2023/45, CP23/19, PS23/18, EventID #24505
This new FCA instrument, FCA 2023/45, was issued by the FCA on December 15, 2023 to be effective on April 5, 2024. It implements the FCA Handbook changes resulting from a corresponding policy statement (PS23/18) on the replacement of four delegated acts under the Retained Insurance Distribution Directive. Specifically, this instrument amends various parts of the FCA Handbook to replace and repeal the
– Retained Commission Delegated Regulation (EU) 2017/2359
– Retained Commission Implementing Regulation (EU) 2017/1469
– Retained Commission Delegated Regulation (EU) 2017/2358
– Retained Commission Delegated Regulation (EU) 2019/1935 (repeal only)
to adopt equivalent provisions in the FCA Handbook with some minor changes to eliminate references to existing EU legislation and to make other non-material editorial changes.
##### FCA 2023/46, CP23/18, no PS, EventID #22891 and EventID #24510
This legal instrument (FCA 2023/46) to transpose the regulatory changes consulted on in the FCA’s quarterly consultation (CP23/18) as regards changes to employers‘ liability insurance rules was published by the FCA on December 15, 2023 to be effective on December 22, 2023. Specifically, the rule changes to the Insurance: Conduct of Business Sourcebook (ICOBS) no longer require liability insurance providers to provide the employer reference number (ERN) to the ELTO (Employer’s Liability Tracing Office), unless the ERN cannot be identified with the help of the HM Revenue & Customs. In this case, the insurer is obliged to assist the ELTO to obtain the employer reference number.
##### FCA 2023/47, no CP, no PS, EventID #24555
This legal instrument (FCA 2023/47) to make minor non-material changes to the FCA Handbook was published by the FCA on December 15, 2023 with most provisions to be effective on December 15, 2023. Specifically, the rule changes primarily involve changes to various Conduct of Business Sourcebooks, the Supervision manual, and the Consumer Credit Sourcebook to include new references to the new consumer duty, update the address of the FCA, and remove redundant information as regards the new financial promotion regime.