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Why are we issuing these new rules?
In this Policy Statement (PS) we publish the final rules implementing Directive 2011/89/EU (FICOD 1), which amends Directive 2002/87/EC (the Financial Conglomerates Directive – FICOD) and certain other directives in so far as they apply to financial conglomerates.
The new rules will ensure that consumers can find information about financial conglomerates, which helps us in our objective to secure an appropriate degree of protection of consumers. The new rules will also improve how the markets used by financial conglomerates and financial groups function.
Who is this Policy Statement aimed at?
The Policy Statement is relevant to financial conglomerates and financial groups that carry out activities in both banking/investment and insurance sectors. It may also be of interest to consumers and consumer organisations. This is because we expect our rules to help protect consumers by ensuring financial conglomerates have enough capital and that policyholders, investors and other market participants have access to information about the groups.
Policy Statement
What are the next steps?
If your firm is a financial conglomerate:
- consult with your supervisor on the method for calculating group solvency; and
- discuss with your supervisor how you will report the capital adequacy data in the FCA.
Want to find out more?
- how we engage on international matters;
- find out more about the Financial Conglomerates Directive;
- read our joint Consultation Paper with the Treasury CP12/40[2]; or
- look at the FCA Handbook[3].