Events listed in FCA Handbook
FCA highlights areas of focus for firms implementing the Consumer Duty
ID 21577
Following the review of the implementation plans as regards the new consumer duty of „larger fixed firms“ with dedicated FCA supervisory teams (please see EventID 19277 in this context), the Financial Conduct Authority, FCA, has published another press statement in this context. Therein, the Authority highlights the key issues firms should focus on in the remaining six months before the consumer duty comes into ...
Consumer Duty implementation plans
ID 21570
The Financial Conduct Authority, FCA, has published a press statement to present the key findings from a review of the implementation plans as regards the new consumer duty of „larger fixed firms“ with dedicated FCA supervisory teams. The purpose of the publication is to help firms understand the FCA’s expectations in this context and to „implement the Duty more effectively“. The key findings are ...
Financial analysis template for mortgage intermediaries – incorporated ...
ID 21538
The Financial Conduct Authority (FCA) has published two new forms with respect to firms seeking authorization as financial mortgage intermediaries: 1. form for incorporated companies 2. form for sole traders and partnerships Both forms must be filed along with the application form and require the filing of a forecast income statement and a forecast balance sheet. Corresponding filing instructions are included in the third ...
Thematic review of retirement income advice
ID 21517
The Financial Conduct Authority, FCA, has published a press statement to announce an upcoming thematic review of financial advisers engaged in the advising clients as regards pension fund investments. The key objective of the review it to assess the suitability of the advice given by financial advisers to customers to ensure adequate outcomes for such. The thematic review was previously postponed due to the ...
Inside FCA Podcast: Understanding the Consumer Duty products and services outcome
ID 21478
The Financial Conduct Authority (FCA) has published the transcript of a podcast relating to the new consumer duty. Specifically, the transcript includes an interview with the FCA’s Head of Consumer Policy Outcomes, Mr. Richard Wilson, as regards the products and services outcome of the new duty. Therein, the Head describes – what is meant by „products and services outcome“ from the regulator’s point of ...
List of non-legal corrections and clarifications in the FCA Handbook
ID 21444
The Financial Conduct Authority (FCA) has published a new document on changes it has recently made to its Handbook which are 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 ...
CONRED 4 Annex 18 Summary of scheme flow diagram [CONRED 4.1.11G]
ID 21442
Following the publication of a policy statement as regards the initiation of a consumer redress scheme for customers of the British Steel Pension Scheme which were wrongfully or poorly advised to transfer out of the scheme (please also see EventID 18571 in this context) and the subsequent correction of one of the provisions set out in the policy statement (please see EventID 19215 in ...
CP23/2: Streamlining our rules on structured digital reporting of financial ...
ID 21439
In line with the UK government’s intention to replace currently retained EU legislation and UK regulators‘ intention to streamline UK legislation to enhance transparency, competitiveness, and regulatory compliance, the Financial Conduct Authority (FCA) has now launched a new consultation (CP23/2) in this context. Specifically, the FCA proposes to implement its own regulations as regards the electronic publication and disclosure of financial reports of public ...
CP23/1: Insurance guidance for the support of customers in financial difficulty
ID 21426
The Financial Conduct Authority, FCA, has launched a consultation on a proposed new guidance for insurance firms and their intermediaries as regards the treatment of customers that experience financial difficulties (new ICOBS 2.7 guidance on „Customers in financial difficulty). The guidance follows similar advice issued to insurance firms during the COVID-19 pandemic which was, however, not retained in the *Insurance: Conduct of Business Sourcebook ...
Inside FCA podcasts
ID 21358
The Financial Conduct Authority (FCA) has published the transcript of a podcast relating to the new consumer duty. Specifically, the transcript includes an interview with the FCA’s Head of Competition, Mr. Ed Smith, as regards the price and value outcome of the new duty. Therein, the Head describes „how the FCA expects firms to assess their products and services, to ensure there is a ...