FCA makes new rules

At FCA’s July Board meeting it made several new rulebook instruments. Key changes are:

  • to make minor changes to approved persons application forms with effect from 12 September;
  • to set the fees payable to the PSR from 21 July;
  • to amend COBS in respect of pension projections from 24 July so firms can prepare risk warnings under proposed new regulations without breaching FCA rules, and also to reduce the risk firms will generate projections that encourage consumers to exercise a GAR sooner than they need to;  and SUP in relation to the Retirement Income Data regulatory return from 30 September;
  • to amend CASS to provide a complete regime in respect of distributions and transfers of client money and assets for investment firms entering a SAR from 26 July and in relation to P2P CASS audits from 21 August to ensure that fully authorised firms operating loan-based crowdfunding platforms must obtain and submit a client assets report;
  • to make the Trading Venues Instrument to take effect from 1 September, which introduces a standard template for notification of liquidity incentive schemes, and changes the prudential supervision cycle of RIEs to 24 months;
  • to make changes to the rules relating to the Immigration Act from 1 January 2018, so firms must certify annually to FCA that they have complied with relevant obligations under the Act; and
  • to make changes to DEPP and EG (and other modules) following MLD4, from 21 July. The changes show how FCA will use its enforcement powers and make decisions in relation to its new powers under the MLR 2017.

FOS will also be making new rules on PPI complaints in the voluntary jurisdiction, which will take effect from 29 August.  The changes will align the voluntary jurisdiction with the compulsory one.