Events listed in FCA Handbook
Wholesale insurance portfolio letter: insurance market priorities 2023-2025 [pdf]
ID 25013
The Financial Conduct Authority (FCA) has published an open letter directed at CEOs of wholesale insurance companies in which it outlines its key supervisory priorities for the years 2023 to 2025 for the entire UK insurance market and for wholesale insurers in particular and discusses key risks the Authority has identified in relation to wholesale insurance companies and its expectations to mitigate these risks. ...
Personal and commercial lines insurance portflio letter: insurance market ...
ID 25012
The Financial Conduct Authority (FCA) has published a final **open letter directed at CEOs of personal and commercial lines insurance companies in which it outlines its key supervisory priorities for the years 2023 to 2025 for the entire UK insurance market and for personal and commercial lines insurers in particular and discusses key risks the Authority has identified in relation to such insurance companies ...
Life insurance portfolio letter: insurance market priorities 2023-2025 [pdf]
ID 25008
The Financial Conduct Authority (FCA) has published an open letter directed at CEOs of life insurance companies in which it outlines its key supervisory priorities for the years 2023 to 2025 market wide and for life insurers in particular and discusses key risks the Authority has identified in relation to life insurance companies and its expectations to mitigate these risks. Specifically, the FCA notes ...
FCA sets out initial findings on bank account access and closures
ID 24985
The Financial Conduct Authority (FCA) has published the initial findings from its survey among banks, building societies, and payment service providers in which the regulator explored the de-risking practices of such firms with respect to the denial of access to new payment accounts, account suspensions, or account closures based upon the political views of the (prospective) account holder. Specifically, the survey studied the reasons ...
UK bonds consolidated tape is a major milestone for the UK – AFME responds to ...
ID 24968
AFME has responded to the FCA consultation paper CP23/15 regarding the Framework for a UK Consolidated Tape. As a reminder, the FCA has proposed a framework for a UK CT to improve market data quality and transparency, starting with bonds and later including equity and derivatives. It suggests a single provider per asset class chosen through competitive tendering, free data submission, and a price ...
Review of later-life mortgages finds poor advice and misleading promotions
ID 24939
The Financial Conduct Authority (FCA) has published a press statement to inform that it has reviewed the practices of banks and other entities as regards later-life mortgages (loans provided to home owners aged 55 or older). The results of this review – along with the FCA’s expectations in this context – can be found here. Generally speaking, the FCA was highly dissatisfied with the ...
Changes to application forms accessed via Connect
ID 24924
Earlier this year, the FCA published a statement to announce upcoming changes to its authorization application forms to streamline the application process and gather necessary information more efficiently. This statement has now been updated to inform of the improvements the FCA has made to Form A which is commonly used for „Senior Management Functions and Controlled Functions“ applications and to inform of the upcoming ...
Modification by consent of COLL 5.6.22R – Direction [docx] Modification by ...
ID 24896
The Financial Conduct Authority (FCA) has published various new forms which may be used by collective investment schemes or insurance undertakings for requesting a waiver from noted FCA rules and obligations. Specifically, – new Form „Modification by consent of COLL 5.6.22R – Direction“ enables „managers and depositaries of authorised funds that invest in immovable property to provide guarantees and indemnities to third parties where ...
Portfolio letter: Wholesale banking sector [pdf]
ID 24878
The Financial Conduct Authority (FCA) published an open Dear CEO letter directed at the wholesale banking sector. The letter outlines the FCA’s supervisory plans for the next two years and its areas of focus within the wholesale banking sector. The key points from the letter are noted below; for more detailed, comprehensive information, please refer to the enclosed original document. (1) External environment: In ...
FCA sets expectations ahead of incoming crypto marketing rules
ID 24874
The Financial Conduct Authority (FCA) has published another press statement in relation to the upcoming new Financial Promotion regime for cryptoassets on October 8, 2023 (EventID 21585). To recall, under the new regime, cryptoasset firms marketing their products to UK consumers must adhere to several key provisions. Firstly, their marketing materials must be „clear, fair, and not misleading“. This means that information presented to ...