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Authorised Investment Funds

Apart from ‘UCITS V’ and ‘European Long Term Investment Funds’ (see previous two articles) CP15/27 also manages to pack in (Part III) proposed miscellaneous changes to the Handbook with a […] [...]

FCA Strategy Review Re-reviewed

Currently firms are supervised in accordance with their conduct categorisation which ranges from C1 to C4 with the latter firms being subject to a much lighter regulatory touch (firms will […] [...]

Although ‘Connect’ has replaced the ONA system as the method of submitting applications and notifications to the FCA, ONA allows ‘read-only‘ access which permits existing users to review previously submitted […] [...]

Quarterly Consultation CP15/28

Once a quarter, the FCA consults on proposed miscellaneous Handbook amendments. This quarter’s proposals (condensed from 251 pages to 1) are to: make changes in relation to offshore life insurance […] [...]

Improving Conduct

In July Tracey McDermott, director of supervision, at the FCA, delivered a speech at the British Bankers’ Association Conference. Aimed at the wholesale market, the speech gives clues to the […] [...]

Financial Advice Market Review

The FCA and HM Treasury has launched the Financial Advice Market Review (FAMR). The review will examine how financial advice could work better for consumers. The review will consult in […] [...]

FCA Regulation Roundup August – Highlights

Complaints Handling The FCA has published final rules on complaints handling. In summary the changes are: An extension of the ‘next business day rule’, where firms can handle complaints less […] [...]

FCA Fees and Levies 2015-16

The FCA has published PS15/15 “FCA regulated fees and levies 2015/16” which includes feedback on its March Consultation Paper; Regulatory Roundup 64 provides details of the latter. All respondents to […] [...]

Private Equity – Limited Partnership Reforms

HM Treasury has issued a consultation on changes to the Limited Partnership Act 1907. For the avoidance of doubt the proposals are applicable only to those UK LPs that are […] [...]

Professional Clients and the Financial Ombudsman Service

Background Changes are being made to the Disputes Resolution Sourcebook: Complaints Sourcebook (DISP) of the FCA Handbook. The changes mean that certain professional clients, and not just retail clients, will […] [...]

FCA Website

The FCA has accepted the possibility that its website is not always easy to navigate. In response it is piloting a new section of its website for firms that is […] [...]

Hedge Fund Survey

The FCA’s latest Hedge Fund Survey has been published (the data reported is as at September 2014). Whilst the FCA applies certain filters in its selection of firms e.g. multimanager […] [...]

Prudential Supervision ICAAP

On 13 May 2015, the FCA held its first ever Prudential Supervision Forum in which it reminded firms that prudential supervision is “not just about the financials”. As such, firms […] [...]

Restrictions on Retail Distribution

Last year the FCA added a new chapter to COBS – COBS 22 “Restrictions on distribution of contingent convertible instruments”. The effect of this was to prohibit the sale of, […] [...]

FCA Fees and Levies 2015 to 2016

It may be recalled that CP14/26 (see Regulatory Roundup 61) “Regulatory fees and levies: policy proposals for 2015/16” proposed certain policy changes to the fee and levy regimes. However its […] [...]

Allocation, Allocation, Allocation

Aviva Investors Global Services Ltd has been fined £17,607,000 for what the Final Notice describes as systems and controls failings which led to its failure to manage conflicts of interest […] [...]

Compliance Officer Prohibition

The publication of three Final Notices reminds us that the FCA may not simply restrict its actions to authorised firms (in this case Financial Ltd and Investments Ltd) but can […] [...]

Recovery and Resolution

Following a consultation paper released last August (see Regulatory Roundups 58, 59 and 60) the FCA published on 16 January PS 15/2 -“Recovery and Resolution Directive: Feedback on CP14/15 and final […] [...]

Regulating Sonia

SONIA (Sterling Overnight Index Average) is one of seven benchmarks which will come under FCA regulation from 1 April 2015. As will be known, currently LIBOR is the only regulated […] [...]

FCA Strategy Review

With the regulation of consumer credit having come under the wing of the FCA last April, the number of firms that the FCA is responsible for has trebled over the […] [...]

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