Regulation round-up special issue - February 2017

This is a special issue of our regulation round-up, focused on our recent consultation on the future funding of the Financial Services Compensation Scheme (FSCS).

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Introduction: David Geale, Director of Policy

I'm delighted to welcome you to a special edition of Regulation Round-Up, focused on our recent consultation on the future funding of the FSCS.

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Hot topic: Professional Indemnity Insurance - Chapter 3 and Chapter 5

The Financial Advice Market Review recommended that we look at the professional indemnity insurance market for adviser firms, and we are currently doing this.

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Hot topic: Risk-based levies - Chapter 4 and Chapter 10

The current FSCS funding system imposes levies on firms which are proportional to their income from a particular regulated activity. While this has the advantage of simplicity, it means costs are allocated without reference to how much risk the firm's activities might pose to the FSCS.

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In your sector…

Banks and building societies

Chapter 9 discusses our proposals to extend FSCS coverage to the intermediation of structured deposits and debt management firms, which has implications for deposit takers and lenders.

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Investment managers and stockbrokers

We discuss possible changes to the structure of the FSCS funding classes in chapter 7.

Our proposals for introducing product provider contributions are set out in chapter 8.

In chapter 9, we consult on changes to the way claims about investment management should be treated.

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Financial advisers

Much of the consultation paper will be of interest to financial advisers, particularly the discussion of
professional indemnity insurance in chapter 3 and chapter 5.

Financial advisers may also be interested in the discussion of risk-based levies set out in chapter 4
and chapter 10.

We discuss possible changes to the structure of the FSCS funding classes in chapter 7.

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Wealth managers and private banks

We discuss possible changes to the structure of the FSCS funding classes in chapter 7.

Our proposals for introducing product provider contributions are set out in chapter 8.

In chapter 9, we consult on changes to how claims about investment management should be treated.

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Mortgage advisers

The key focus of our discussion in chapter 5 is PII that covers investment advice. However, we would also welcome your views on other areas of PII, such as insurance for mortgage intermediaries.

You may also be interested in chapter 7, where we set out and illustrate different options for changing the FSCS funding classes.

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Insurers & insurance intermediaries

Insurers will be interested in the discussion of our proposals for introducing product provider contributions which are set out in chapter 8.

Insurance intermediaries may be interested in our discussions of the funding classes in chapter 7 and of risk-based levies set out in chapter 4.

The key focus of our discussion in chapter 5 is PII that covers investment advice. However, we
would also welcome your views on other areas of PII, such as cover for insurance intermediaries.

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Consumer credit

In chapter 9, we set out our proposal for extending FSCS coverage to debt management activity, which will be of interest to debt managers, lenders and the wider sector.

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Credit unions

Chapter 9 discusses our proposals to extend FSCS coverage to debt management firms, which has implications for lenders.

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Read or download the full Regulation round-up special issue - February 2017

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