FCA

FCA latest October 2019 policy development update

The Financial Conduct Authority (FCA) has published its latest policy development update, current as of 4 October 2019. The policy development update provides some information on the FCA’s recent and upcoming publications, but should not be regarded as comprehensive.  The update notes that the following publications were issued recently: CP19/27: Quarterly Consultation Paper No 25 Handbook …

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FCA fines Prudential £24m for failures related to non-advised sales of annuities

The Financial Conduct Authority (FCA) has fined the Prudential Assurance Company Limited (Prudential) £23,875,000 for failures related to non-advised sales of annuities.  Between July 2008 and September 2017, Prudential’s non-advised annuity business focused on selling annuities directly to existing Prudential pension holders. Firms are required to explain to customers that they may get a better …

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The Financial Conduct Authority consults on changes to guidance for closed-ended investment funds

The Financial Conduct Authority (FCA) has issued a guidance consultation (GC19/4) on changes that it proposes to make to the Knowledge Base, its repository of non-handbook commentary that has the status of formal FCA guidance. The FCA proposes to amend its existing technical note on master-feeder structures (FCA/TN/409.1) and add a new technical note on …

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FCA publishes PS19/25: Overdraft pricing and competition remedies

The Financial Conduct Authority (FCA) has published policy statement PS19/25: Overdraft pricing and competition remedies. This follows the FCA’s publication of the Overdraft pricing policy statement (PS19/16), which made rule changes to the way banks and building societies charge for overdrafts; the FCA’s consultation paper CP19/18, which set out the FCA’s proposals on further rules relating …

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TISA publishes new SM&CR guide for FCA solo-regulated firms

The Investing and Saving Alliance (TISA) working group on the Senior Manager & Certification Regime (SM&CR) has published a guide for solo-regulated firms in advance of the SM&CR extension. TISA does not consider that industry is ready to take the SM&CR into business as usual (BAU) and has therefore published the guide entitled ‘Don’t let …

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