The Financial Conduct Authority (FCA) has published the 5th edition of its Regulatory Initiatives Grid for use by the financial services sector that covers regulatory developments over the next year.
The grid is sector-split over the following 8 sectors:
- Banking
- Credit and lending
- Payment services and systems and market infrastructures
- Insurance and reinsurance
- Pensions and retirement income
- Investment management
- Wholesale financial markets
The main upcoming initiatives include:
Reviewing the Appointed Representatives regime
The FCA consulted on policy proposals to enhance its rules for principals with Appointed Representatives, and the resultant Policy Statement is planned for Q3 2022.
Diversity in Financial Services
The PRA and the FCA intend to publish their Policy Statement to support progress on improving diversity and inclusion across the financial services sector in 2023.
Consumer duty
Policy Statement, with final rules and guidance, expected in Q3 2022 on a new Consumer Duty, comprising of a new Consumer Principle, cross-cutting rules, and outcomes, which together set clearer and higher expectations of Firms.
Financial promotions for high-risk products
We also expect to see a Policy Statement in Q3 2022 on the FCA’s proposals on financial promotions for high-risk product, including crypto-assets.
RG’s work has included advising on FCA registration, changes in business structure, business disposals, business valuations and group restructuring for a number of FCA regulated clients.
The firm’s specialist team also advised several clients regarding their obligations under the FCA’s Client Assets Sourcebook (CASS), including providing CASS Assurance reports as required.
Because we have experience of acting for a significant number of FCA regulated businesses, we are able to find solutions to common problems and advise on managing financial, operational and regulatory risk.
Therefore, if you have any questions regarding these initiatives and the potential impact on your business, then please do get in touch with our Head of Audit and Assurance, Grahame Maughan, who would be delighted to help.
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