Events listed in FCA Handbook
COBS 10 Annex 4 Assessing appropriateness: qualifying cryptoassets
ID 25176
In view of the coming into force of the new financial promotion rules as regards high risk investments, including cryptoassets, on October 8, 2023 (please see EventID 21585 for more information), the Financial Conduct Authority (FCA) has now published its official Handbook guidance under COBS 10 Annex 4 in relation to the assessment of appropriateness of cryptoasset investments for clients. The guidance outlines the ...
Handbook Notice 112 [pdf]
ID 25164
The Financial Conduct Authority (FCA) has published Handbook Notice 112 to summarize the latest amendments to its Handbook in accordance with the following consultations and FCA Instruments: Figure 1 – Oversight Table ##### FCA 2023/34, no CP, no PS yet, No Event This instrument pertains to insurance contracts involving „Multi-Occupancy Buildings“. It was deemed out-of-scope for our clients and was thus not ...
Improving the Appointed Representatives regime through greater use of data
ID 25135
The Financial Conduct Authority (FCA) has released a statement titled Improving the Appointed Representatives regime through greater use of data. In it, besides explaining the general purpose of the regime, the FCA (1) outlines its approach to improving the oversight of Appointed Representatives (ARs) by principal firms; (2) provides some statistical data collected in 2021 and 2022 as to the number of registered principals, ...
Our platforms supervision strategy: portfolio letter [pdf]
ID 25134
The Financial Conduct Authority (FCA) has published a portfolio letter addressed at firms enclosed in the FCA’s so-called platform portfolio which includes firms engaged in „arranging and safeguarding and administering investments“ and / or in the distribution of „retail investment products which are offered to retail clients by more than one product provider“ (these definitions stem from the FCA Handbook). Therein, the Authority outlines ...
Our supervision strategy for corporate finance firms: portfolio letter [pdf]
ID 25120
The Financial Conduct Authority (FCA) has published a supervisory letter addressed at corporate finance firms in which it outlines its current risk assessment with respect to such firms, that is, it states the risks the FCA finds to be relevant in this market segment, and subsequently outlines its supervisory strategy as regards the monitoring of those risks. ##### The following brief summary presents the ...
CP23/21: Consumer credit – Product Sales Data Reporting
ID 25104
In an effort to enhance consumer protection, regulatory oversight, and comparability among consumer credit lending firms, the Financial Conduct Authority (FCA) has launched a consultation (CP23/21) in which it proposes to expand its data collection from these firms. The FCA thereby seeks to collect more detailed data on the sale and performance of consumer credit agreements to enable the regulator to – better monitor ...
Financial Promotions for high-risk investments
ID 25083
The Financial Conduct Authority (FCA) has issued a statement to present the findings from a review of firms offering restricted mass market investments (RMMIs) to retail investors. The review followed a first review in December 2022 among firms offering Peer-to-Peer lending and investment and Investment Based Crowdfunding (IBCF) opportunities and which found multiple deficiencies within reviewed practitioners. As with the first review, the aim ...
List of non-legal corrections and clarifications in the FCA Handbook
ID 25082
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 ...
British Steel Pension Scheme: Ongoing reporting requirements user guide [pdf]
ID 25069
The Financial Conduct Authority, FCA, has published a new guide to assist firms, that have (potentially) been engaged in wrongful advice as regards the British Steel Pension Scheme (BSPS), with their ongoing reporting requirements pursuant to the FCA’s consumer redress reporting rule under CONRED 4.8. The guide is primarily technical in nature, providing step-by step instructions on filing the REP023 report which must be ...
Final warning for cryptoasset firms marketing to UK consumers and those supporting ...
ID 25036
The Financial Conduct Authority (FCA) has published an open Dear CEO letter – or what it calls a final warning – addressed at cryptoasset firms marketing to UK consumers and those supporting such firms in view of the upcoming new financial promotion regime. Specifically, the new Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (EventID 21544), which will soon come into ...