Regulation Watch

Regulation Watch is a new resource aimed at providing our members with updates on the activity of the sector's regulators, highlighting areas of specific interest. 

Recent News

The Financial Conduct Authority (FCA) has now closed the consultation on its future Mission statement. You can still view the Mission statement here and access the short video introducing its plans online.
 
Our particular focus with regards to publications from the PRA and FCA has been on feedback on the Senior Managers and Certification Regime (SMCR), including proposals to extend this to Non-Executive Directors and the proposed creation of a new Significant Management Function.
 
Of interest were 4 feedback papers on its Supervisory Quality Checks which outlined how successfully firms have approached the new regime. These can still be viewed online.
 
There have also been several consultations on further alignment with MiFID II. Much of this is fairly technical in detail but one key aspect touched on adopting ESMA guideslines which introduce a new minimum experience requirement for those giving retail financial advice, as well as extending the period within which an adviser must achieve an appropriate qualification. We await the relevant policy statement but it is expected these proposals will go through unamended with a view to becoming effective from 3rd January 2018 in line with MiFID II. 
 
You may also find of interest a guide released by the PRA's New Bank Start-Up Unit explaining its approach to licensing new banks. You can view the guide here.

 

FCA Mission B

Click on the image above to access the FCA's future Mission statement.  

FCA Business Plan 2016/17

Our summary on the key points of the business plan for members is still available to view