Regulation round-up August 2017

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 2017

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Introduction: Jonathan Davidson, Director of Supervision - Retail and Authorisations

I'm pleased to welcome you to the August edition of Regulation round-up. I would like to take the opportunity to highlight our consultation papers we recently published. These papers outline proposals to change how we regulate people working in financial services. The proposals will extend the Senior Managers and Certification Regime (SM&CR) to all financial services firms that we regulate, replacing the approved persons regime.

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Hot topic: Non-public outcomes - Enforcement

Our Threshold Conditions Team (TCT) takes enforcement action against firms regulated by us, which fail to comply with basic regulatory requirements (such as the requirements to submit FCA returns and to pay FCA fees). Such action often results in the FCA cancelling the statuses of those firms, which means that they cease to be able to conduct regulated business and may have to cease trading altogether.

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Hot topic: Consumer credit - agenda and priorities

We have published a package of work setting out our agenda and priorities for consumer credit. This includes a feedback statement on our review of high-cost credit. This is a consultation on creditworthiness and affordability checks, and information on our motor finance work.

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In your sector…

Financial advisers

MiFID II: Contingency planning required if MiFID II permissions are not in place by 3 January 2018

MiFID II: Market Data Processor

MiFID II: Legal Entity Identifier

Live and Local - register for September and October events

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General insurance intermediaries and insurers

CP: Insurance Distribution Directive (IDD)

Live & Local general insurance events announced

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Banks and building societies

PS: CASS 7A

CP: Information about current account services

Senior Managers Regime: Breaches of Conduct Reporting

CP: EU Benchmarks Regulation

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Life insurance and pension providers

Review of property funds and liquidity risks

Asset Management Market Study update

PS: Regulatory reporting - retirement income data

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Investment managers

PS: CASS 7A

CP: Client Money

Asset Management Market Study update

Review of property funds and liquidity

MiFID II: Contingency planning required if MiFID II permissions are not in place by 3 January 2018

MiFID II: Market Data Processor

MiFID II: Legal Entity Identifier

CP: EU Benchmarks Regulation

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Wealth managers

PS: CASS 7A

CP: Client Money

MiFID II: Contingency planning required if MiFID II permissions are not in place by 3 January 2018

MiFID II: Market Data Processor

MiFID II: Legal Entity Identifier

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Consumer Credit

CP: Staff incentives

Live & Local regional events in the autumn

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Credit unions

Senior Managers Regime: Breaches of Conduct Reporting

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Fintech and innovative businesses

Security requirements for providers of account information or payment initiation services now available

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News and publications

New ScamSmart website

Speech: The future of LIBOR

Speech: Overview of competition at the FCA

GC: OPBAS

OP: Dark Pools

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Read or download the full Regulation round-up: August 2017

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