FIN.

FCA publishes quarterly consultation

FCA’s latest quarterly consultation – on minor miscellaneous handbook changes, proposes, among other changes:

  • clarification on how FSCS cover applies to claims against appointed representatives and principals – the change would confirm FSCS can consider only one protected claim against either AR or principal up to the scheme limit, and that claims cna be made against a principal who has acted outside the scope of their permission, or an AR who has acted outside the scope of their appointment;
  • minor changes to reflect the Financial Guidance and Claims Act, and the role of the Money Advice and Pensions Service, making not only changes to references but also changes to reflect the repeal of the function of designated guidance providers giving pensions guidance and consequential changes;
  • changes to PERG 15.3 on payment accounts, to add guidance on the defining features of “payment account” following the CJEU’s judgement that “the possibility of making payment transactions to a third party from an account or of benefiting from such transactions carried out by a third party is a defining feature of the concept of “payment account””;
  • changes to regulatory reporting requirements in respect of form FIN071 which currently contains incorrect references; and
  • potential Brexit-related changes that will take effect only on a hard Brexit.

Consultation closes on 6 January 2020 for some proposals and 6 February 2020 for others.

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Emma Radmore