New legislation that will affect your firm

Over the next two years a number of changes are coming into effect that together will improve the integrity of UK financial services. We know this will have an impact on regulated firms and want to support you through the process.

We want to minimise the impact of these changes on firms while ensuring you know what actions you need to take to be compliant. The five key legislative changes that are due to be implemented are:

A large number of firms will be affected by multiple changes. You should review which regulatory changes will affect your firm and what you will need to do to comply. We encourage firms to prepare early before the rules coming into effect.

Follow the links above to find out what our expectations are and how you can prepare for the changes. Please see the table below for key dates relating to each piece of legislation:

  2017 January 2018 February 2018 March 2018 onwards 2019
EU Benchmarks

Window for draft applications is open.

Q4: Policy statement expected.

1 January: implementation date.      
IDD

Policy Statement 17/21 Available.

Consultation period for CP17/23 and CP17/33 closed.

December: Policy Statement expected.

January: Policy statement expected. 23 February: implementation date.    
MiFID II

Policy statement available.

Application window is open. Firms need to apply now.

3 January: implementation date.      
PSD2

Policy statement available.

Applications for authorisation for Payment Initiation and Account information Services are open.

13 December: Passporting application forms available.

2 January: from this date no applications can be submitted under the original payment services directive.

13 January: implementation date.

  Existing firms authorised and registered under the original Payment Services Directive need to check for when they must provide new information. Regulatory Technical Standards will come into force.
SM&CR Consultation period closed. Dates to be confirmed.

The table below offers an ‘at-a-glance’ guide to which legislation may be relevant to different types of firms. This is not definitive and your specific firm type or business model and relevant permissions will affect which legislation applies to you. Ensure you use all our available resources to check what your firm needs to do.

 

 

EU Benchmarks

MiFID II

PSD2

IDD

SM&CR

Banks, building societies and credit unions

Consumer credit firms

 

 

 

Electronic money institutions

 

 

 

 

Financial Advisers

✓        

✓        

 

Fintech and innovate business

 

 

General insurers and insurance intermediaries

 

 

 

Mutual societies

 

 

 

Payment institutions

 

 

 

Sole advisers

 

Wealth managers