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: May 2017
Sign up to Regulation round-up monthly updates
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.
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
In your sector…
Financial advisers
Assessing suitability review
PS: Packaged Retail and Insurance-based Investment Products (PRIIPs)
General insurance intermediaries and insurers
GC: FCA's approach to the review of Part VII insurance business transfers
Mortgage advisers and lenders
FG: The fair treatment of mortgage customers in payment shortfall: impact of automatic capitalisations
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
Life insurance and pension providers
Review of the effectiveness of independent governance committees (IGCs)
PS: Packaged Retail and Insurance-based Investment Products (PRIIPs)
Investment managers
MiFID II
PS: Packaged Retail and Insurance-based Investment Products (PRIIPs)
Wealth managers
PS: Packaged Retail and Insurance-based Investment Products (PRIIPs)
Credit unions
CP: Implementation of the revised Payment Services Directive (PSD2)
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
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