Regulation round-up August 2015

Regulation round-up is our monthly email to all regulated firms, updating you on the latest news that affects your sector.

Read or download the full Regulation round-up: August 2015

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Introduction: Andrew Whyte, Director of Communications

Welcome to this month's edition of Regulation round-up. As Director of Communications, I'd like to talk about the launch of our new Handbook website on 29 August 2015.

The Handbook is at the heart of how we regulate and a key tool for firms. We know how important it is to get the website right for our users so we have designed it based on your feedback.

The new site has:

  • a cleaner layout and easier navigation
  • a timeline so that you can see when rules change
  • an option to add favourites and build your own tailored Handbook
  • improved search functionality
  • glossary definitions displayed in a pop-up window

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Hot topic: Complaints handling

We have published our final rules on complaints handling. These rules sit side by side with the current good practice we expect to see amongst all firms; all complaints to be handled fairly.

In summary the changes:

  • extend the 'next business day rule', where firms can handle complaints less formally without sending a final response letter, to the close of three business days
  • require firms to report all complaints
  • raise consumer awareness of the ombudsman service, by requiring firms to send a 'summary resolution communication'
  • prevent firms from charging existing customers premium telephone rates

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In your sector…

Banks and building societies

FS: Accountability: UK branches of foreign banks

TR: Unauthorised transactions

CP: Cash savings remedies

Speech: Fair and Effective Markets Review

Speech: Wholesale conduct risk

TR: Benchmarks - oversight and controls

FCA Mortgage Conference

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Investment managers and stockbrokers (retail and wholesale)

TR: Benchmarks - oversight and controls

MiFID II Implementation Roundtable

Speech: Fair and Effective Markets Review

Speech: Wholesale conduct risk

Director of Supervision: Investment, Wholesale and Specialist

Read more

 

Financial advisers

Financial Advice Market Review

MiFID II Implementation Roundtable

Ban and fine for Robert Shaw of TailorMade Independent Ltd

Director of Supervision: Investment, Wholesale and Specialist

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Wealth managers and private bankers

MiFID II Implementation Roundtable

Speech: Fair and Effective Markets Review

Speech: Wholesale conduct risk

Financial Advice Market Review

Director of Supervision: Investment, Wholesale and Specialist

Read more

 

Mortgage lenders and brokers

FCA Mortgage Conference

Financial Advice Market Review

Read more

 

Insurers and insurance intermediaries

Approved Persons for Solvency II firms and non-directive firms

Ban and fine for Robert Shaw of TailorMade Independent Ltd

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Consumer credit

TR: Staff remuneration and incentives

TR: Early arrears management in unsecured lending

PS: Mortgage Credit Directive

Cash Genie to provide £20m redress

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Credit unions

CP: Reform of the legacy Credit Unions sourcebook

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Read or download the full Regulation round-up: August 2015

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