Events listed in FCA Handbook
PS23/8: Mortgage Charter: enabling provisions
ID 23966
In view of the announcement of a new Mortgage Charter by the HM Treasury (please see EventID 21843 in this context for more information), the Financial Conduct Authority has now published a Policy Statement (PS23/8) to implement some necessary changes to the Mortgages and Home Finance: Conduct of Business sourcebook (MCOB). Specifically, the FCA is revising MCOB 11.6 to permit lenders to allow customers ...
PS23/7: Broadening retail access to the long-term asset fund
ID 23953
Following a consultation (CP22/14) on extending the scope of eligible investors of Long Term Asset Funds (LTAFs) to retail investors, enhancing the investor protection rules in relation to LTAFs, and on increasing exposure limits of alternative investment funds and pension funds to LTAFs (please see EventID 16781 in this context for a detailed description of the consultation), the Financial Conduct Authority (FCA) has now ...
One month to go for the Consumer Duty
ID 23920
In view of the upcoming effective date of the new consumer duty, the Financial Conduct Authority (FCA) has published a press statement. In it the FCA notes that while many firms appear to be making significant efforts to meet the new consumer duty standards and requirements, some firms still have work to do before the final effective date. For such firms and those that ...
Consumer Duty firm survey – Spring 2023
ID 23919
In view of the upcoming new Consumer Duty, the Financial Conduct Authority (FCA) commissioned Ipsos UK to conduct a survey on behalf of the FCA to find out about the (level of) preparedness of supervised, in-scope firms with a focus on sectors where firms may have been less engaged and prepared. The FCA thereby hoped to identify areas where more work is needed and ...
Ed Smith interview on Consumer Duty outcomes monitoring
ID 23906
The Financial Conduct Authority (FCA) has published the transcript of another podcast relating to the new consumer duty. Specifically, this time the transcript includes an interview with the FCA’s Head of Competition Policy, Ed Smith, concerning the „outcome monitoring“ of firms in accordance with the new duty. „Outcome monitoring“ thereby refers to the follow-up that needs to be performed by firms in order to ...
Mortgage Charter
ID 23864
The HM Treasury has published a press statement to announce the initiation of a new Mortgage Charter which was agreed upon and drawn up by the UK’s largest mortgage lenders, the Financial Conduct Authority (FCA), UK Finance, the local association for banks and other financial service companies, and the UK government. **The charter may be viewed as a form of a „Code of Conduct“ ...
Vote Reporting: A consultation and discussion paper from the Vote Reporting Group
ID 23803
The Financial Conduct Authority, FCA, has published a new consultation of the Vote Reporting Group as regards the reporting of submitted votes and voting activities of asset managers on shareholder meetings. The purpose of the consultation is to develop a standardized reporting template which can be used by asset managers to communicate their voting activities to asset owners. Likewise, the reporting along a standardized ...
GC23/1 Cryptoasset financial promotions: Guidance for firms
ID 23639
Concurrent to the publication of a final policy statement (PS23/6) as regards financial promotion rules for cryptoassets (please see EventID 21585 for a detailed description), the Financial Conduct Authority (FCA) has published a consultation on a newly proposed guidance (GC23/1) in same context. The guidance aims to assist firms in developing promotions that are „fair, clear, and not misleading“ and sets out criteria that ...
Research Note: Cryptoassets consumer research 2023 (Wave 4)
ID 23627
Also concurrent to the publication of a final policy statement (PS23/6) as regards financial promotion rules for cryptoassets (please see EventID 21585 for a detailed description), the Financial Conduct Authority (FCA) has published a research note entitled Cryptoassets consumer research 2023 (Wave 4) in same context. The research was performed to find out about the general level of comprehension of cryptoassets, potential risks cryptoassets ...
PS23/6: Financial promotion rules for cryptoassets
ID 23625
Following a consultation (CP22/2) on enhanced promotion rules for high risk investments, including cryptoassets, in 2022 and the publication of a corresponding policy statement (PS22/10) for all instruments except for cryptoassets, the Financial Conduct Authority, FCA, has now published a second policy statement (PS23/6) covering just those cryptoassets. In its now issued statement, the FCA outlines the responses it has received to its consultation ...