Following work by both the FCA and the CMA, and the ‘loyalty penalty’ super-complaint, the CMA has published the terms of reference of its recently convened Loyalty Penalty Working Group (LPWG). The LPWG includes representatives from BEIS, FCA, HMT and Ofcom. These terms of reference include: bolder enforcement and tackling harmful business practice; ‘nudge remedies’ […]
The FCA has updated its webpage on digital regulatory reporting (DRR) by publishing – a video which explains the concept of DRR and outlines the work carried out by the DRR pilot group; a report which sets out an overview of the work and findings of phase I of its DRR pilot, which explored how firms and […]
We have written a short article on the pan-European view, and the views in certain key jurisdictions in the EU, on the effects of no-deal Brexit on the insurance regulation.
FCA has fined the Carphone Warehouse over £29 million for misselling its “Geek Squad” mobile phone insurance and technical support product, and acting in breach of its Principles 3,6 and 9. Following whistleblowing reports, FCA investigated and found the firm did not give its sales staff the right training to enable them to assess customers’ […]
FCA has published its finalised guidance to help firms prepare their statements of responsibility and responsibilities maps under the SMCR. The guidance addresses the rules as they apply to each category of SMCR firm, in each case suggesting questions firms should ask themselves to ensure they complete the forms correctly and gives examples of good […]
FCA has issued a policy statement confirming the increase in the FOS award limit. From 1 April, the limit that FOS can award against firms will be £350,000. This amount will apply in relation to complaints about actions on or after that date. For claims about actions before 1 April that are referred to FOS […]
FCA has made its final rules on its “Directory“. The new public register will enable searches on all directors and senior managers, certification staff and other individuals who require qualifications to undertake business with clients. FCA has made rules that will require all firms to report timely and accurate information about their Directory persons. FCA […]
The UK supervisory authorities have agreed memoranda of understanding with European counterparts, to facilitate the coordinated supervision of insurance entities in the event of a no-deal Brexit. The MoUs cover supervisory cooperation, enforcement, information exchange and mutual assistance.
The EU has agreed the terms of a draft directive that, if passed, will amend a number of consumer protection directives, including the consumer rights directive (2011/83/EU), to introduce measures such as: harmonised penalties for breaches of consumer protections, including the power to impose a fine, in certain circumstances, of up to 4% of a […]
FCA has made a number of amendments to various parts of its rulebook, including: amendments to COBS on information relating to pensions savings, taking effect from November 2019 and April 2020; introducing a Devolved Authorities’ debt advice levy; and exempting unauthorised mutual societies from paying fees.
FCA is running behind schedule on some expected publications. Its latest Policy Development Update highlights the following: consultation and discussion on the Investment Platforms Market Study remedies due in March alongside the final Market Study report; feedback on policy proposals on fees and levies, also due in March, with consultation on rates proposals in April; […]
BoE and FCA have updated their respective websites with coordinated information on their approach to a hard Brexit. BoE has published a series of materials setting out its updated plans to its supervisory approach to a hard Brexit. The papers cover: transitional relief for firms that will broadly (with exceptions) last for 15 months from exit […]
The International Association of Insurance Supervisors has published an Application Paper on Proactive Supervision of Corporate Governance. The paper sets out principles and practices to support supervisors in their supervision of insurance firms, particularly where examining the corporate governance of financially sound firms. It also includes an indicative list of early warning red and yellow […]
The FCA has published sector-specific information to help regulated firms ensure they are prepared for the consequences of Brexit, including a no-deal Brexit. The guidance covers banking and payments, life insurance, pensions and retirement income, general insurance, retail investment and wholesale banks, markets and asset managers.
Following the initiation of its market study into the wholesale insurance brokers market in November 2017, the FCA has now published its final report. The focus of the market study was on the following five areas: the possibility of some brokers being able to exercise market power to earn high commission and erect barriers to […]
The High Court has ruled that a European agency cannot terminate the lease of their premises at Canary Wharf on the basis of Brexit being a ‘frustrating event’. Our article provides more detail on this case and its implications.
EIOPA has published a framework that sets out what drives conduct risk and how to assess it throughout a product life cycle. It looks at: business model and management risks manufacturing risks delivery risks and product management risks EIOPA hopes the framework will support national supervisors in identifying conduct and consumer protection risks early and […]
Under the Solvency II Directive, the Commission is required to review certain areas covered by the Directive by 2020. Accordingly, the Commission has sent EIOPA a formal request for technical advice on the review of the Directive. EIOPA is asked to review a number of areas, including: the function of the matching adjustment and volatility […]
Insurance Europe and EFAMA are calling for an extension to the date on which PRIIPs KIDS must be produced for multi-option products. Currently, where a UCITS KIID has been produced for underlying funds, insurers and asset managers can produce a generic PRIIPs KID for the overall product, backed up with the specific KIIDs. But they are allowed […]
PRA has issued its feedback statement, new rules and a new supervisory statement on certain aspects of its periodic and transaction fees. Its update covers: a revised approach to periodic fees for Designated Investment Firms; amending the approach to periodic fees for life insurers; updating the Part VII regulatory transaction fees for insurers; updating the […]
The Financial Stability Board has published its work programme for the forthcoming year. The areas upon which it intends to focus are: addressing emerging vulnerabilities in the financial system; working with standard-setting bodies to finalise and opererationalise post-crisis reforms; monitor the completion of reforms implementation; and evaluate the effect of the post-crisis reforms.
Under draft legislation published by the Treasury, the FCA and the PRA are to be given temporary powers to make transitional provisions, in order to ensure that most firms and other regulated entities’ day to day UK regulatory obligations will be as unaffected by Brexit as possible. However, the FCA has published a statement setting […]
As part of the preparation for a ‘no-deal’ Brexit, the FCA has agreed MoUs with ESMA and with EU and NCAs, covering supervision, enforcement and information exchange, including in relation to credit rating agencies and trade repositories.
ESMA has published its Regulatory Work Programme for 2019, setting out ESMA’s Single Rulebook work. The matters it is working on for the forthcoming year include: Post-trading RTS under EMIR; RTS relating to registration requirements under the European Social Entrepreneurship Funds Regulation and the European Venture Capital Funds Regulation; and A report to the Commission on […]
FCA and PRA are consulting on the management expenses levy limit (MELL) for FSCS for the 2019/2020 year. They propose an increase of 2.4% over the current year with a levy for FSCS management expenses of £74.6m and an unlevied contingency reserve of £5m. The consultation includes a breakdown of costs between fee blocks. Responses […]
FCA has published a detailed policy statement to back up the new rules on regular premium PPI complaints and recurring non-disclosure of commission. FCA stresses that one of the main purposes of its consultation and now the new rules is to ensure that customers who may have made complaints about mis-selling of PPI that were […]
The FCA is working with the the FRC to set out proposals and a discussion paper encouraging asset managers and others managing investments to take a closer interest in the operation of the businesses in which they invest. The FCA consultation is on measures implementing the second Shareholders Rights Directive which mainly affects FCA regulated […]
The FCA is inviting views on proposals to require firms to report certain value measures data on a wide range of GI products. This consultation follows the identification of issues of poor value in the GI market, and a pilot trialed in 2016 involving reporting requirements and publication of the resultant data sets. Under the […]
At the World Economic Forum in Davos, the Swiss and UK governments signed a deal to allow both countries to trade freely within the insurance sector post-Brexit. The agreement will come into force when the current EU-Swiss insurance agreement ceases to apply to the UK. The agreement will replicate the effects of the existing EU-Swiss […]
On 25 January 2019 EIOPA published findings of its peer review, which examined how national competent authorities (NCAs) assess the propriety of administrative, management or supervisory body (AMSB) members and qualifying shareholders. The review was initiated following a number of cross-border cases indicating a lack of harmonisation with regards to the propriety assessment across the […]
FMLC has written to Treasury with its key observations on the FSMA (EU Exit) Regulations. The Committee is concerned at some wording proposed in relation to the financial promotion rules. Specifically, FCA has power to make rules that apply to authorised persons in relation to communications they make or approve if rules are necessary to […]
The Treasury has written to the Treasury Committee enclosing a draft of secondary legislation that would give temporary transitional powers to the UK financial regulators in the event of a no-deal Brexit that would enable firms and the financial markets to function properly while requirements stemming from EU laws are embedded into UK laws. The […]
As the FCA prepares for the extension of SMCR to most solo-regulated firms next December, it is consulting on a few areas regarding the existing regime for banks and large insurers previously identified as wanting attention. The proposals set out in CP19/4 include: excluding the legal function from the scope of SMCR; amend the scope of […]
A set of oral evidence given to the Treasury Committee includes statements from FCA that: it is now content on how to interpret the mortgage affordability test compliantly with the MCD and now plans to consult on changing it from an absolute test to a relative test; it will be carrying out perimeter work on SME lending […]
We are delighted that Jonny Williams has joined the financial services regulatory team at Womble Bond Dickinson UK. More information on Jonny and his appointment can be found here.
The FCA has launched a new portal to enable mutual societies complete tasks and submit information to the FCA that was previously done online or by post, such as the submission of annual rules and accounts and applications for rule amendments. Mutuals societies can start to register as users of this portal; the FCA will […]
FCA has published its “Sector Views” setting out its observations from monitoring its 7 selected sectors of: retail banking retail lending general insurance and protection pensions and retirement income retail investments investment management and wholesale financial markets It produces this review to inform its overall approach and ultimately its business plan. The studies identify where […]
The FCA has published a ‘Dear CEO’ letter in which it provides clarity about the communication and approval of financial promotions by regulated and unregulated businesses. The FCA has published the letter after it has recently become aware that firms have been issuing financial promotions which suggest or imply that all the activities they undertake are […]
At the end of last year, the the Treasury published draft regulations making provision for contractual certainty for firms currently passporting into the UK in the event of a ‘hard’ Brexit. Following this, the FCA has published CP19/02 on Brexit and contractual continuity. This consultation paper is aimed at such incoming firms. It consults on […]
FCA has opened the notification window for passporting-in firms. Firms will need to have notified FCA of their intention to seek full UK authorisation to carry on services in the UK before exit day in the event of a hard Brexit. FCA has opened the window from 7 January to 28 March, Its website includes a guide […]
FCA’s latest Policy Development Update highlights a number of publications due before the end of Q1 2019: a policy statement on general standards and communication rules for payment services and emoney providers; consultation and discussion on the investment platforms market study remedies; policy statement on 2019/20 fees and levies; consultation on recovering the costs of […]
In December 2018, the FCA confirmed that as part of its take over of the regulation of CMCs from April 2019, it would require CMCs to register for temporary permission in order to continue to operate from April, and pending submission and approval by the FCA of a ‘full’ application to continue to do business. […]
EIOPA has published an Opinion on the supervision of cross-border non-life insurance where the risk is of a long term nature. In the Opinion, EIOPA notes that this type of insurance is often more uncertain than the majority of non-life business, requiring both knowledge of the local market and actuarial skills for the calculation of […]
The UK and the US signed the Bilateral Agreement between the United States and the United Kingdom on Prudential Measures regarding Insurance and Reinsurance on 18 December, although the announcement was made today by way of a joint statement from HM Treasury, US Treasury and Office of the US Trade Representative on Signing the UK-US […]
As part of its preparation for onshoring EU legislation, the PRA has published CP32/18. This consultation paper contains two consultations: the first sets out the PRA’s proposals regarding the PRA Rulebook and the Binding Technical Standards (BTS) that are to come within the PRA’s remit; the second relates to BTS that will come within the […]
After investigating a “super-complaint” raised by Citizens Advice that companies were penalising existing customers by charging them higher prices than new customers, the CMA has today published its 8 recommendations to help resolve this issue in 5 markets. “Loyalty penalty” refers to longstanding customers paying a lot more than new customers for the same services. […]
Following a consultation earlier this year, the FCA has published a policy statement setting out the new rules and fees that will apply to claims management companies (CMCs) from April 2019. From 1 April 2019, the FCA will become the regulator of CMCs that are established or serve clients in England, Wales and Scotland. FOS will […]
The FCA has now published final rules confirming the expansion of the jurisdiction of the FOS to include certain SME customers. The new rules will mean that from 1 April 2019, the FOS will be able to hear complaints from SMEs who meet two of the three following criteria – fewer than 50 employees; annual […]
The FOS has published a consultation on its plans and budget for 2019/2020. It notes that from April 2019, its jurisdiction will be expanded by the addition of two significant areas of work: complaints made by SME customers of financial services, and complaints made by customers of claims management services. The consultation questions include inviting […]
The Financial Reporting Council has published the final version of new Corporate Governance Principles for large private companies. We have published an article that summarises and discusses these Principles.
PRA has published the Q3 2018 figures for skilled persons reports commissioned. There have been 3 on controls and risk management frameworks and one in the prudential insurance lot.
EIOPA has published its report on its evaluation of the structure of insurance intermediaries markets in Europe in accordance with IDD requirements. The report notes a very wide diversity of local distribution channels and differences between nationally adopted definitions. It also found divergence in registration and reporting requirements. Generally, the lack of homogeneity makes it […]
FCA has published the latest figures on engagement of consumers with its PPI helpline.
The US Department of the Treasury and Office of the US Trade Representative have confirmed their intention to sign a bilateral agreement on prudential measures on insurance and reinsurance which is consistent with the current US/EU agreement. The intention is to cater for ongoing relationships post-Brexit.
FCA has updated its website to show the forms that now apply to insurers, who have become subject to the SMCR from 10 December.
FCA’s latest quarterly consultation proposes rules that: amend SUP 16 to address FCA’s concern that it does not always hold accurate “firm details” by requiring an annual accuracy check and removing the option some firms currently benefit from to update details other than using Connect; and add the Association of Accounting Technicians to the list of bodies […]
The Competition and Markets Authority (CMA) is consulting on its proposed Annual Plan, which sets out its plans and priorities for 2019 to 2020. Subject to the outcome of the Brexit negotiations, the CMA plans to give greater priority to potential market studies and investigations as it considers future work. The themes which it proposes should carry […]
The FCA has today published a new webpage on requirements in its Handbook that apply to firms distributing insurance. The FCA says that although it expects firms will have already adapted their processes to take account of the new rules, which came into effect on 1 October 2018, it was calling on them to continue […]
EIOPA has published draft technical advice to the Commission on the integration of sustainability risks and factors in delegated acts under Solvency II and IDD. The proposed amendments include the addition (in the Solvency II Delegated Act) of a responsibility for identifying and assessing emerging sustainability risks to the risk management function, and including any […]
FCA has published a new modification by consent to allow firms to exclude from their complaints return form those PPI complaints in relation to which the complainant had not in fact bought PPI from the firm. Any firm wanting to take advantage of the waiver must email FCA to apply for it.
FCA announced today that it will be delaying the launch of its Credit Information Market Study Terms of Reference until June 2019. The delay is a result of the FCA having to prioritise the market study on general insurance pricing, which launched on 31 October 2018 but was not originally part of its business plan.
The Plenary of the Financial Stability Board (FSB) has announced the appointment of Randal K. Quarles (Governor and Vice Chairman for Supervision at the US Federal Reserve) as its new Chair and Klaas Knot (President of De Nederlandsche Bank) as Vice Chair, for a three-year term starting on 2 December 2018. Randal K. Quarles will replace […]
On 20 November 2018, Germany’s Federal Ministry of Finance announced that it had prepared draft legislation to provide continuity of business for UK insurers and banks. The draft legislation referred to as “Draft Act Supplementing the Act on Tax-Related Provisions concerning the Withdrawal of the United Kingdom of Great Britain and Northern Ireland from the […]
FCA has published additional proposals on how it will deal with a hard Brexit. The consultation focuses on: more changes to the Temporary Permissions regime; reflecting the new Credit Rating Agency and Trade Repository Regime in the Handbook and FCA’s approach to guidance and forms Key elements of the consultation include: new “cross-cutting” issues that […]
In readiness for the UK’s departure from the European Union, Treasury has published further draft statutory instruments including: Financial Services (Distance Marketing) (Amendment) (EU Exit) Regulations 2019: amending the Financial Services (Distance Marketing) Regulations 2004 by removing references to EU/EEA bodies, territories and instruments and replacing the references to the European Consumer Credit Information Form […]
EIOPA Chairman, Gabriel Bernardino, opened their 8th Annual Conference today in Frankfurt with his speech on insurance and pensions: securing the future, which is also the theme of this year’s conference. His speech also looked back at EIOPA’s achievements in the last year and discussed their priorities for 2019. The one day conference will look at […]
At its latest Board meeting, FCA has made changes to DISP and its guidance, effective from 8 November, to confirm that firms must not reject relevant regular premium PPI complaints without considering whether recurring non-disclosure is an issue. Separately, FCA has amended Chapter 13 of IPRU(INV) to require personal investment firms to have PII cover […]
In the light of the implementation of IDD, the CMA is proposing to amend the Payment Protection Insurance Market Investigation Order 2011 (Order). Currently, the Order requires PPI providers to send policyholders and Annual Review document, which contains specified information, including a policy summary. The CMA proposes that the Order should mandate that the reference […]
The ESAs are consulting on proposed amendments to the PRIIPs KID. The consultation follows the ESAs’ letter to the Commission on developing guidance on information on investment funds. It also noted the need to make targeted amendments to the PRIIPs delegated Regulation to apply the PRIIPs KID requirements appropriately to UCITS and relevant non-UCITS funds, […]
The Treasury Committee in the Commons has launched a new inquiry into consumers’ access to financial services, with a focus on vulnerable customers. Nicky Morgan said the committee will look at FCA’s definition of vulnerability and how practical it is, as well as how financial institutions try to address the problems of financial exclusion and whether vulnerable […]
PRA has published a policy statement to its second consultation on extending the SMCR to insurers. Following FCA’s finalisation of its rules on the extension, PRA now confirms it had no responses to its consultation and has made no changes to the rules it consulted on. As a result, it has now made the rules, […]
The Bank of England and Pay.UK are inviting expressions of interest from senior stakeholders who could represent the payments industry on a newly created Standards Advisory Panel. The new Panel will focus on the implementation of ISO20022, but also cover also payments standards for the UK. The deadline for applications is Monday 10 December 2018.
Following its consultation in July 2018 on handling complaints about regular premium PPI, the FCA has published finalised guidance that confirms that firms should assess PPI commission disclosures not only at point of sale, but on an on-going basis. The FCA is also consulting on new rules that would require firms that sold relevant products […]
EIOPA has issued a call to action for insurance firms to take steps in good time to ensure they will be able to continue to service policyholders in the event of the UK withdrawing from the EU without an agreement. It notes that UK (and Gibraltar) insurance entities who have cross-boarder insurance contracts should write to […]
The CMA has made a provisional finding that ComparetheMarket includes clauses in many of its contracts with home insurers that breach competition law and could lead to higher premiums for consumers. It says the clauses stop insurers quoting lower prices elsewhere and therefore prevent rival comparison sites and other channels from offering cheaper prices than […]
FCA’s latest Policy Development Update lists a number of publications due before the end of the year: policy statement on regulating CMCs policy statement on RTS and guidelines under PSD2 rates proposals for covering the costs of OPBAS review of permitted links for insurers in relation to Patient Capital and a discussion paper on Patient […]
PRA has updated its “approach” documents in relation to banking and insurance supervision. Key changes to the previous versions include: an update on the changes to supervisory approach following implementation of the SMR and SIMR (and, in the case of insurers, looking forward to the SIMR changing to the SMCR at the end of the […]
On 30 October 2018 the FCA announced that it had fined Liberty Mutual Insurance Europe SE (Liberty) £5,280,800. The fine relates to failures in Liberty’s oversight of claims and complaints relating to mobile phone insurance for the period 5 July 2010 until 7 June 2015. According to the Final Notice issued by the FCA, Liberty had entered into […]
On 31 October 2018, the FCA published the results of a thematic review on the pricing practices of household insurance firms. The review uncovered a number of issues on pricing practices. As a consequence, the FCA announced a number of next steps: conducting a market study on general insurance pricing practices; Publishing a discussion paper […]
FCA has published its H1 2018 complaints data, which show that firms received more than 4 million complaints in the period. This was a 10% increase from the previous period. Nearly all the complaints were made to 235 of the more than 3,000 firms which recorded complaints. PPI accounted for 42% of complaints, and then […]
FATF has published Guidance to a risk-based approach (RBA) to AML and CFT in the life insurance and securities sectors. The Guidance: outlines the key elements involved in applying a RBA to AML/ CFT associated with life insurance sets out the types of securities providers that may be involved in a securities transaction and their […]
On 24 October, the FCA published a report on the progress of its consumer communications campaign and supervisory work regarding the 29 August 2019 deadline for PPI complaints. The report looks at: The PPI campaign so far and how consumers are responding to it; The FCA’s supervisory work to ensure firms are helpful and accessible […]
HM Treasury has published a response to the consultation conducted in August – September 2016 on proposed Mutuals’ Deferred Shares Regulations. These would have implemented provision in the Mutuals’ Deferred Shares Act 2015 for a new type of capital to be issued by mutual insurers. The government’s response noted that the nine responses to the […]
The Financial Stability Board (FSB) has published a press release following its plenary meeting in Ottawa, in which it reviewed the financial vulnerabilities and deliverables for the G20 Summit. Points of interest include: The Plenary discussed market developments and vulnerabilities in the global financial system. The members considered that, while global growth remained solid, it […]
The latest Occasional Consultation Paper from the PRA covers changes to the Rulebook, Supervisory Statements, Statements of Policy and Forms, in the following areas: Reporting – amendment to the Branch Return Form and amendments to the reporting templates for calculating risk based levies Ring fencing – imposition of financial penalties Written reports by external auditors to […]
On 18 October 2018, the PRA published responses to its consultation paper (CP) 18/18 ‘Strengthening accountability: implementing the extension of the SM&CR to insurers’. The policy statement (PS) 26/18 also includes amendments to the final rules for implementing the regime to insurers and corrections to the Insurance General Application Part of the PRA Rulebook. Background […]
John Neal, most recently Group CEO of QBE Insurance Group, is to be the new Lloyd’s CEO.
PRA is consulting on a draft supervisory statement setting out how it expects banks and insurers to manage the financial risks from climate change. The statement sets out how effective governance, risk management, scenario analysis and disclosures can be used to address the risks and is intended to build on previous statements and embed appropriate […]
PRA has published updated Supervisory Statements on: regulatory reporting, internal model outputs, and on ORSA and the ultimate time horizon for non-life firms. The new policies take effect for all financial year-ends on or after 31 December 2018; internal models – modelling of the volatility adjustment and am amended SS on internal models – assessment, […]
The FCA has published a feedback statement on digital regulatory reporting. This follows the FCA’s call for input on smarter regulatory reporting in February 2018. The FCA found that most respondents agreed that there are significant potential benefits to be gained by introducing digital regulatory reporting, with the most commonly cited benefit being increased efficiency. However, […]
The FCA has published a consultation on proposed guidance to help solo-regulated firms draft their Statements of Responsibilities (SoR) and (for enhanced firms) Responsibilities Maps, in preparation for the SMCR extension in December 2019. Although targeted at solo-regulated firms, the FCA notes that the guidance may also be useful for dual-regulated firms preparing or updating […]
Treasury has published some new draft statutory instruments to be made under the EU (Withdrawal) Act, or announced plans to make them, and also updated existing drafts. New or updated documents include Regulations on : plans for the Solvency II and Insurance measures Bank Recovery and Resolution Credit Rating Agencies (FCA has also published an […]
As heralded at the end of last year, the FCA has now published two consultation papers that make provision for operations in the event of a ‘hard’ Brexit next March. The first consultation sets out changes to the FCA’s Handbook and to those EU Binding Technical Standards, which, it is proposed, would be incorporated directly […]
Following the FCA’s Call for Input into the implementation of the PRIIPs Regulation, the Personal Investment Management and Financial Advice Association (PIMFA) has commented that it agrees with concerns about the practical operation and the detailed KID requirements of the regime. In particular, PIMFA has noted that there is a suggestion that UCITS and other […]
Following a super-complaint by the Citizens Advice bureau, the CMA has announced that it is seeking views on concerns about long term customers paying more for goods and services. The CMA has identified four key issues to which it invites responses by 14 October 2018: the existence, impact and root causes of a ‘loyalty penalty’ […]
The LMA’s recent bulletin, which was published on 2 October 2018, provided the Lloyd’s community and its members with: (i) new model clauses for EEA and non-EEA risks placed with Lloyd’s Brussels; (ii) suggested wording for “Brexit affected policies”; and (iii) treaty exclusion wording for outwards reinsurance placed with Lloyd’s Brussels. New model clauses The […]
PRA is consulting on changes to various forms relating to: passporting change in control ISPVs and Notifications It asks for comments by 1 November.
FCA has made three new rules instruments at its September board meetings: the Individual Accountability (Dual-Regulated Firms) Instrument 2018: this instrument makes significant changes to SYSC as well as to COCON, COND, APER FIT and SUP, and several other changes to many other handbook modules and guides. The changes mainly take effect on 10 December […]