Events listed in FCA Handbook
List of non-legal corrections and clarifications in the FCA Handbook
ID 21677
The Financial Conduct Authority (FCA) has published another document on changes it 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 Sourcebook is concerned and ...
CONRED 4 Annex 20 BSPS DBAAT CONRED 4 Annex 16 Final reminder to accept offer
ID 21673
Following the finalization of the new redress scheme in connection with the provision of (inadequate) advice to transfer out of the „British Steel Pension Scheme (BSPS)“ between 2016 and 2018 (please see EventID 18571 and / or PS22/14 in this context), the Financial Conduct Authority (FCA) has published two corresponding final Rule Book provisions applying from February 28, 2023: 1. [CONRED 4 Annex 20 ...
Handbook Notice 106 [pdf]
ID 21613
The Financial Conduct Authority (FCA) has published Handbook Notice 106 to summarize the latest amendments to its Handbook in accordance with the following Consultations and FCA Instruments: Figure 1 – Oversight Table ##### FCA 2023/1, CP22/22, PS23/1, EventID #19355 This Instrument in connection with the extension of the temporary asset retention measures that applied / apply to firms involved in potential wrongful ...
PS23/1: Extended asset retention requirement for firms under the British Steel ...
ID 21612
Following a consultation (CP22/22) in November 2022 to extend the temporary asset retention measures that applied / apply to firms involved in potential wrongful pension scheme member advice to keep them from disposing any assets prior to meeting their clients‘ redress claims, the FCA has now published a corresponding policy statement (PS23/1). Therein, the Authority briefly describes the feedback it has received to its ...
Inside FCA Podcast: Explaining the Consumer Duty consumer understanding outcome ...
ID 21610
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 Consumer Policy Outcomes, Mr. Richard Wilson, concerning the „consumer understanding outcome“ of the new duty which relates to the objective of providing consumers with sufficient information about the products and services they receive ...
FCA 2023/2: Senior Managers and Certification Regime (Significant SYSC Firm) ...
ID 21607
The Financial Conduct Authority, FCA, has published a new instrument (FCA 2023/2) entitled Senior Managers and Certification Regime (Significant SYSC Firm) Instrument 2023. The instrument follows a corresponding consultation (CP22/17) earlier this year to clarify the application of the enhanced Senior Managers & Certification Regime (SM&CR) towards specified firms. Specifically, the instrument modifies the „Senior Management Arrangements, Systems and Controls ...
FCA 2023/1: British Steel Pension Scheme (Financial Resilience) (No 2) Instrument ...
ID 21606
Following the publication of a final policy statement (PS23-1) to extent the asset retention requirements of firms affected by the „British Steel Pension Scheme consumer redress scheme“ (please see Event ID 19355 in this context for a detailed description of the requirements), the Financial Conduct Authority, FCA, has now published the corresponding [regulatory instrument (FCA 2023/1: British Steel Pension Scheme (Financial Resilience) (No 2) ...
Dear CEO letter: British Steel Pension Scheme (BSPS) – third party information ...
ID 21605
Following the announcement 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 now published a Dear CEO Letter primarily addressed at firms currently managing transferred assets of affected customers or that have received proceeds in this context. Therein, the FCA briefly describes that it expects those ...
Consumer redress scheme for unsuitable advice to transfer out of the British Steel ...
ID 21594
The Financial Conduct Authority, FCA, has published an addendum to its policy statement (PS22/14) specifying a new consumer redress scheme in connection with the provision of (inadequate) advice to transfer out of the „British Steel Pension Scheme“ between 2016 and 2018. The addendum simply corrects an error in Chapter 6, page 77 of the document pertaining to the cost-benefit analysis provided by the FCA ...
British Steel pension scheme misleading redress offers
ID 21593
The Financial Conduct Authority, FCA, has published a statement in connection with the new redress scheme for customers that were wrongfully or poorly advised to transfer out of the British Steel Pension Scheme (BSPS) following the financial difficulties of the scheme’s sponsor in 2016 and the subsequent restructuring in 2017 and 2018. Specifically, the FCA has received complaints about advisory firms that have made ...