Regulation round-up March 2017

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

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Introduction: Christopher Woolard, Executive Director of Strategy and Competition

Welcome to the March edition of regulation round-up. I would like to take this opportunity to highlight our recent consultation paper (CP) on the Insurance Distribution Directive (IDD).

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Hot topic: It's time to apply for MiFID II authorisation

MiFID II delivers important changes to the scope of regulation in the UK. It will have a significant impact for a range of authorised and currently unauthorised persons that will have to apply for authorisation, variations of permission or make notifications to us. Firms impacted by MiFID II need to be authorised with the relevant permissions by 3 January 2018 if you wish to continue to carry out your business in the UK.

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Hot topic: Illiquid assets and open-ended investments

We have published a Discussion Paper (DP) on the practice of investing in illiquid assets through open-ended funds and the challenges it can pose. This follows on from the measures several fund managers took to manager their property funds' liquidity after the EU referendum, which included suspending dealing and adjusting their asset valuations.

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In your sector…

Banks and building societies

The FCA finalises plans to place a deadline on PPI complaints

Web page: Senior Mangers and Certification Regime: one year on

FG: The FPC's recommendation on loan to income ratios in mortgage lending

GC: Treatment of politically exposed persons (PEPs)

New Banks Seminar

Web update: Mortgage Lending and Administration Return (MLAR) data

PS: Handbook changes to reflect the introduction of the Lifetime ISA

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Investment managers and stockbrokers

Remuneration data reporting - High Earners Report

Web page: Investment managers still failing to ensure effective oversight of best execution

Web page: Firms continue to fail to meet our expectations on their use of dealing commission

Availability of information in the UK equity IPO process

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Financial advisers

Web update: FCA Announcement on RAO change by the Treasury

PS: Handbook changes to reflect the introduction of the Lifetime ISA

Retirement Income Market Data

Update to pension redress methodology

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Wealth managers and private banks

Web page: Investment managers still failing to ensure effective oversight of best execution

Web page: Firms continue to fail to meet our expectations on their use of dealing commission

Availability of information in the UK equity IPO process 

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Mortgage advisers

FG: The FPC’s recommendation on loan to income ratios in mortgage lending

Web update: Mortgage Lending and Administration Return (MLAR) data

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Insurers & insurance intermediaries

Changes in renewal rules coming into force soon

CP: Insurance Distribution Directive (IDD)

Express Gift Ltd redress

Multi-firm work - insurance intermediaries' fees and charges

Financial Crime Report (REPCRIM)

PS: Handbook changes to reflect the introduction of the Lifetime ISA

Update to pension redress methodology

Retirement Income Market Data

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Consumer credit

Dear CEO letter: Peer-to-peer

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

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