Regulation round-up May 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: Linda Woodall, Director of Life Insurance and Financial Advice

Welcome to the May edition of Regulation round-up. I would like to take this opportunity to discuss our work in the financial advisers sector which focused on assessing suitability.

Over 600 firms took part of our assessing suitability review; the first time we have undertaken such a large and statistically significant sample with this sector.

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Hot topic: Strategic Review of Banking Business Models

We have announced the launch of the Strategic Review of Retail Banking Business Models (the review) in our Business Plan 2017/18. The review will seek to:

  • Understand evolving retail banking business models in greater depth. We will look at firms' business models to identify any potential conduct or competition issues
  • Understand how free-if-in-credit banking is paid for, in particular whether it leads to any distributional concerns between different types of consumers
  • Understand the impact of changes such as digital conversion and reduced use of branches on business models and consider potential consequences for our consumer protection and competition objectives

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In your sector…

Financial advisers

Assessing suitability review

PS: Packaged Retail and Insurance-based Investment Products (PRIIPs)

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General insurance intermediaries and insurers

GC: FCA's approach to the review of Part VII insurance business transfers

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Mortgage advisers and lenders

FG: The fair treatment of mortgage customers in payment shortfall: impact of automatic capitalisations

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Banks and building societies

Senior managers & certification regime (SM&CR)

CP: Implementation of the revised Payment Services Directive (PSD2)

FG: The fair treatment of mortgage customers in payment shortfall: impact of automatic capitalisations

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Life insurance and pension providers

Review of the effectiveness of independent governance committees (IGCs) 

PS: Packaged Retail and Insurance-based Investment Products (PRIIPs) 

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Investment managers

MiFID II

PS: Packaged Retail and Insurance-based Investment Products (PRIIPs)

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Wealth managers

PS: Packaged Retail and Insurance-based Investment Products (PRIIPs)

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Credit unions

CP: Implementation of the revised Payment Services Directive (PSD2)

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Fintech and innovative businesses

Speech: The FCA's regional FinTech engagement

Speech: Competition and innovation in financial services: the regulator's perspective

FCA and SFC sign Fintech co-operation agreement

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News and publications

Complaints data

Andrew Bailey speech at press conference for the publication of FCA corporate documents

Speech: Expect the unexpected - cyber security - 2017 and beyond

Advice on recent national cyber attack

Fake FCA emails

Handbook Notice

PS: Review of the FCA's appropriate qualification exam standards

RDC appointment

New features for searching the Handbook website

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New features for searching the FCA Handbook

We have launched new features on the Handbook website that will allow you to search by key topics within the Conduct of Business Sourcebook (COBS).