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: September 2017
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Introduction: Linda Woodall, Director of Life Insurance and Financial Advice and Sponsor of the Ageing Population Project
Welcome to the September edition of Regulation round-up. I’d like to take this opportunity to discuss our work on the Ageing Population Project, as we’ve just published an Occasional Paper setting out the findings from this project.
Hot topic: Increasing our focus on Anti-Money Laundering
We've just implemented a set of measures to enhance our supervision strategy for Anti-Money Laundering (AML) and sanctions. The measures are designed to provide us with greater reach over the population of firms we regulate. One aspect of these measures is a new programme which involves annually reviewing the AML and sanctions systems and controls of approximately 100 largely randomly selected firms. These firms are from those sectors we supervise that we consider present lower inherent money laundering risk. The purpose of the programme is to help raise standards, provide us with a better picture of the risks posed by different sectors and give us assurance that our risk assessment is correct.
Hot topic: MiFID II
From 3 January 2018, all clients of firms subject to MiFID II transaction reporting obligations must have a Legal Entity Identifier (LEI) if they wish to continue to trade in qualifying instruments. An LEI is a unique identifier for persons that are legal entities or structures including companies, charities and trusts. Firms should act now to ensure that all of their clients who need an LEI, get one prior to 3 January 2018. We will be issuing an FCA communication that reporting firms can use, if they wish, to support their own client outreach on this matter. See LEI update for further information.
In your sector…
Financial advisers
MiFID II
Recovery plan submissions for IFPRU 730k firms
Live & Local - new dates and locations announced
General insurance intermediaries and insurers
Live & Local events from September to December
Banks and building societies
Webpage update: Mortgage Lending Statistics (MLAR): Q2 2017 data
MiFID II
Life insurance and pension providers
Data Bulletin Issue 10
Live & Local events from September to December
PS: Transaction cost disclosure in workplace pensions
Investment managers
MiFID II
Recovery plan submissions for IFPRU 730k firms
PS: Transaction cost disclosure in workplace pensions
Wealth managers
MiFID II
Recovery plan submissions for IFPRU 730k firms
Consumer Credit
Dear CEO letter to all firms with consumer credit permissions regarding complaints handling
Live & Local regional events
Credit unions
Webpage update: Mortgage Lending Statistics (MLAR): Q2 2017 data
Fintech and innovative businesses
FCA launches Payment Services Directive II policy statement
News and publications
Data Bulletin Issue 10
From advert to action: event content
Complaints return (DISP 1 Annex 1R) - Changes to validation rules on the contextualisation metrics tables (Table 3 and 6) GC: OPBAS
New email delivery system
Read or download the full Regulation round-up: September 2017