FIN.

FCA summarises new rules

FCA’s latest Handbook Notice confirms the following rule changes:

  • the changes to, mainly MIPRU, MCOB and SUP that took effect on 4 June in relation to crowdfunding platforms that offer home finance products, where at least one investor is not an authorised home finance provider;
  • the changes to other parts of the Handbook (mainly SYSC and COBS)  that will take effect on 9 December in respect of other rules and guidance relating to the peer-to-peer sector;
  • changes that took effect on 6 June in relation to the Securitisation Regulation;
  • The Personal Current Accounts and Overdrafts Instrument, which takes effect partly on 18 December 2019 and partly on 6 April 2020 and amends BCOB and CONC to simplify the pricing of overdrafts, standardise their advertising and require firms to attempt to reduce repeat overdraft usage;
  • the Buy Now Pay Later instrument amending mainly CONC that takes effect partly on 12 September and partly on 12 November;
  • instruments implementing changes relating to the Shareholder Rights Directive that take effect on 10 June;
  • changes to COBS in relation to CFDs, to ensure CFDs and restricted options are sold to retail consumers only where they understand the risks and can bear losses, and do not have excessive risk features. The changes take effect on 1 August and 1 September;
  • changes to fees that take effect from 1 July, and changes to fees consequent on Brexit that will take effect on Exit Day; and
  • miscellaneous administrative changes to the rules.

See the separate FIN posts for more detail on many of these changes.

Avatar

Emma Radmore