Events listed in FCA Handbook
CP23/14: Quarterly Consultation Paper No. 40
ID 23543
The Financial Conduct Authority, FCA, has launched a new quarterly consultation (CP23/14) in relation to miscellaneous amendments to the FCA Handbook and modifications pertaining to a delegated regulation under the Retained Markets in Financial Instruments Regulation (UK MiFIR). Specifically, the FCA proposes to (1) modify the MIFIDPRU prudential sourcebook applicable to MIFIDPRU investment firms, including collective portfolio management investment (CPMI) firms (AIFMs and UC ...
Annual Percentage Rate of Charge (APRC) calculations
ID 23511
The Financial Conduct Authority, FCA, has published a Notice as regards the calculation of the Annual Percentage Rate of Charge (APRC) which must be identified and disclosed to clients before they commit to a mortgage with a qualified lender. Specifically, the FCA has become aware that some credit institutions and firms engaged in retail mortgage lending have published a wrong APRC due to technical ...
CP23/13: Strengthening protections for borrowers in financial difficulty: Consumer ...
ID 23399
The Financial Conduct Authority, FCA, has launched a new [consultation (CP23/13)](https://www.fca.org.uk/publication/consultation/cp23-13.pdf) as regards the treatment of customers with ongoing credit arrangements that experience financial difficulties. Specifically, the Authority seeks to make permanent the requirements of lenders to support borrowers in difficulty, which were put in place during the COVID-19 pandemic and even extend some of these requirements to be applicab ...
FCA Authorisations operating service metrics 2022/23 Q4
ID 23325
In an effort to enhance transparency over its supervisory activities, the Financial Conduct Authority (FCA) has published a press statement to inform of the availability of an updated Authorisations Operating Service Metrics. The matrix sets out the intended and actual processing times for notification and applications of firms during 2021 and 2022 and the processing times in January, February, and March 2023 (Q4 2022/2023) ...
Dear CEO letter: British Steel Pension Scheme – concerns about third party ...
ID 23320
Following the implementation of the new redress scheme for customers that have been wrongfully advised with respect to the British Steel Pension Scheme (BSPS), the Financial Conduct Authority (FCA) has published another Dear CEO Letter in this context. The letter is primarily addressed at firms subject to redress payments. In the letter, the FCA expresses its concerns regarding certain financial advisory firms that conducted ...
List of non-legal corrections and clarifications in the FCA Handbook
ID 23314
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 ...
CP23/11: Remuneration: enhancing proportionality for dual-regulated firms
ID 23228
In an effort to improve proportionality in its pay remuneration policy for firms regulated by both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), the FCA has launched a new consultation (CP23/11). Therein, the FCA proposes to revise the criteria (or thresholds) firms must meet to be excluded from some of the remuneration requirements of larger more important firms. Such criteria ...
Portfolio letter for SIPP operators [pdf]
ID 23225
The Financial Conduct Authority (FCA) has published an open portfolio letter addressed at CEOs of Self-Invested Personal Pension (SIPP) account operators to summarize the key risks (of harm) the regulator has identified in connection with these firms and the market they operate in and to outline its supervisory focus and expectations regarding the mitigation of these risks. The portfolio letter follows a previous one ...
Countdown to the Consumer Duty
ID 23176
In view of the upcoming effective date of the new consumer duty, the Financial Conduct Authority (FCA) has published a speech that was held by Sheldon Mills, Executive Director, Consumers and Competition, at Ernst & Young on May 10, 2023. While many of the issues addressed have been discussed before (benefits of the duty, contribution to the upcoming new duty of the FCA to ...
FCA warns of impending Consumer Duty deadline
ID 23175
In view of the upcoming consumer duty and the requirements of all supervised firms to ensure a fair value and fair price of their products and to implement adequate consumer understanding and support measures (please see EventID 16865 for a detailed description of the obligations), the Financial Conduct Authority, FCA, has published a press statement. Therein, **the regulator reminds entities of the upcoming implementation ...