 What the Brexit Withdrawal Agreement and implementation period means for you
Welcome to the first 2020 edition of Regulation round-up.
The Withdrawal Agreement is making its way through the stages of parliamentary approval. Once passed, the UK will leave the EU on 31 January 2020 and enter an implementation period until 31 December 2020.
As a result, we are making changes to our Brexit implementation activities. We have contacted relevant, affected firms and updated our webpages. More information can be found in the Brexit section.
During the implementation period, there will be continuity because EU law will still apply in the UK, and passporting (the ability of UK authorised firms to conduct particular activities in the EEA without local authorisation) will be maintained. New EU legislation that takes effect before the end of the implementation period will also apply to the UK.
Over the next year, we will work with the Government to ensure that the UK financial services sector is prepared for the end of the implementation period. As things develop during this year, you will need to consider how the end of the implementation period may affect you and your customers, and what action you may need to take to be ready for 1 January 2021.
Check our website for the latest updates.
Consultation on introducing a single easy access rate for cash savings
On 9 January, we published a consultation paper setting out proposed reforms to the easy access cash savings market. We previously raised concerns that competition is not working well for many of the 40 million people with an easy access savings account or easy access cash ISA. Many longstanding customers receive poor outcomes and we want firms to focus more on these savers.
Under our proposed new rules, firms will still be able to offer multiple introductory rates for up to 12 months of the account being opened. After this, they will need to choose one single easy access rate (SEAR) for their easy access cash savings accounts, and one SEAR for their easy access cash savings ISAs.
We are also proposing to require firms to publish data every 6 months on their SEARs. This will make it easier to compare the rate at the time of opening an account with those offered by other firms. Longstanding customers would also find it easier to see whether their existing product gives them a good interest rate as their provider will have only one rate rather than many rates changing over time.
Our proposals aim to improve competition in the market, encouraging firms to increase the interest rates they offer as well as protecting consumers currently getting the lowest interest rates.
We invite your feedback on the consultation by 9 April 2020.
FCA launches Call for Input on open finance
On 17 December, we published a Call for Input to launch a discussion on the opportunities and risks from open finance.
Increased use of data and technology is changing how financial markets work, with new business models and ways to engage customers leading to greater innovation.
We want to understand how open finance can develop to best meet consumers’ needs and improve competition. We are also exploring what role as the regulator we should play in supporting and helping open finance develop.
We have set up an advisory group to help drive forward our future strategy. The advice of this group, made up of industry experts, consumer and business representatives, academics and government departments, was also published on 17 December. This advice has informed our Call for Input.
We invite your feedback to the Call for Input by 17 March 2020.
Extension of the SM&CR to solo-regulated firms
In December, we extended the Senior Managers and Certification Regime (SM&CR) to around 47,000 firms and their senior managers and certification staff. The regime now applies in virtually all authorised firms.
The SM&CR is a catalyst for driving cultural transformation and sets a new standard of personal conduct in financial services. It is about individuals stepping up and taking accountability every day from here on, not just about ticking the box on implementing the regime. So, the extension is just the starting point for what you need to do, not just to bring the regime to life but also to transform culture.
By 9 December 2020, solo-regulated firms will need to ensure:
- all relevant staff are trained on the 5 Conduct Rules and how they apply to their roles
- all staff in certified roles are fit and proper to perform that role
- you submit data to us for the directory of key people working in financial services
This will take time so you should start preparing now. Read our SM&CR guide for solo-regulated firms for more information.
Firms’ culture and governance is a priority for us and should be for you too. We expect firms to embed healthy cultures as this will lead to better outcomes for consumers and markets. It should lead to a healthy and fulfilling environment for employees in which diversity and inclusion is the norm. It should also lead to healthy and sustainable returns for businesses.
Firms need to update or attest their Firm Details annually
We are introducing enhanced rules on how firms confirm their Firm Details. From 31 January, you are required to review and confirm your firm details annually, within 60 days of your Accounting Reference Date (ARD). Even if your firm details have not changed from the previous year, you will still need to log on to Connect and confirm that they are up to date. This can only be done using Connect. Firms who are not using this platform should register now. If you need support registering, visit our website, watch our video guide, or call 0300 500 0597.
Data Strategy
We have published our refreshed Data Strategy that sets out our transformation plan to become a data-driven regulator. The strategy outlines our increased focus on the use of advanced analytics and automation techniques to deepen our understanding of how markets function and allow us to efficiently predict, monitor and respond to firm and market issues.
Digital Regulatory Reporting
Together with the Bank of England and 7 regulated firms, we have published a Viability Assessment report on the latest Digital Regulatory Reporting (DRR) pilot. DRR will potentially allow firms to automatically supply data requested by regulators. This could reduce the cost of collecting this data, improve its quality and reduce the burden on industry of supplying it.
Banks & Building Societies submit your certified persons data by the 9 March deadline
Dual Regulated firms (banks, building societies, credit unions and insurance companies) have until 9 March 2020 to supply details of their certified persons to the new directory using Connect.
Please ensure you make your submission on time to meet the deadline.
We’ll publish the directory persons data on a new and improved Financial Services Register by the end of March.
There is more information on our website about how firms can submit their data.
Firms need to update or attest their Firm Details annually
We are introducing enhanced rules on how firms confirm their Firm Details. From 31 January, you are required to review and confirm your firm details annually, within 60 days of your Accounting Reference Date (ARD). Even if your firm details have not changed from the previous year, you will still need to log on to Connect and confirm that they are up to date. This can only be done using Connect. Firms who are not using this platform should register now. If you need support registering, visit our website, watch our video guide, or call 0300 500 0597.
Data Strategy
We have published our refreshed Data Strategy that sets out our transformation plan to become a data-driven regulator. The strategy outlines our increased focus on the use of advanced analytics and automation techniques to deepen our understanding of how markets function and allow us to efficiently predict, monitor and respond to firm and market issues.
Digital Regulatory Reporting
Together with the Bank of England and 7 regulated firms, we have published a Viability Assessment report on the latest Digital Regulatory Reporting (DRR) pilot. DRR will potentially allow firms to automatically supply data requested by regulators. This could reduce the cost of collecting this data, improve its quality and reduce the burden on industry of supplying it.
Inside FCA Podcast: Regulating the changing pensions landscape
Listen to our latest Inside FCA podcast on pensions. Chief Executive of the Personal Finance Society, Keith Richards, discusses pension freedoms, defined benefit transfers and the role of financial advisers. It also features FCA Head of Business and Consumer Communications, Emma Stranack, who highlights the ScamSmart campaign, while Head of Investment Intermediaries & Scams, Chris McGrath, discusses the biggest challenges for regulating pensions and how we’re trying to improve the quality of pension transfer advice.
Extending the remit of Independent Governance Committees
We published final rules to extend the remit of Independent Governance Committees (IGCs) in two areas. These are:
- a new duty for IGCs to consider and report on their firm’s policies on environmental, social and governance (ESG) issues, member concerns, and stewardship, for the products that IGCs oversee
- a new duty for IGCs to oversee the value for money of investment pathway solutions for pension drawdown (pathway solutions)
Our final rules and guidance will come into force on 6 April 2020. Firms that intend to offer pathway solutions should have established an IGC or a Governance Advisory Arrangement (GAA) by this date.
Firms need to update or attest their Firm Details annually
We are introducing enhanced rules on how firms confirm their Firm Details. From 31 January, you are required to review and confirm your firm details annually, within 60 days of your Accounting Reference Date (ARD). Even if your firm details have not changed from the previous year, you will still need to log on to Connect and confirm that they are up to date. This can only be done using Connect. Firms who are not using this platform should register now. If you need support registering, visit our website, watch our video guide, or call 0300 500 0597.
Data Strategy
We have published our refreshed Data Strategy that sets out our transformation plan to become a data-driven regulator. The strategy outlines our increased focus on the use of advanced analytics and automation techniques to deepen our understanding of how markets function and allow us to efficiently predict, monitor and respond to firm and market issues.
Digital Regulatory Reporting
Together with the Bank of England and 7 regulated firms, we have published a Viability Assessment report on the latest Digital Regulatory Reporting (DRR) pilot. DRR will potentially allow firms to automatically supply data requested by regulators. This could reduce the cost of collecting this data, improve its quality and reduce the burden on industry of supplying it.
Live & Local 2019/20 events
Our series of monthly Q&A roundtable discussions for mortgage intermediaries and lenders across the UK continues. Our next events are in London in January, Manchester in February and Newport in March.
There is no set agenda for these sessions; attendees at each session decide the topics for discussion. We will be joined by the Financial Ombudsman Service and an industry expert at each session.
These informal monthly ‘Ask the regulator’ events conclude in March 2020. Visit our Live & Local webpage for further details and to register.
Value in The Distribution Chains - Finalised Guidance (FG19/5)
In November we published the GI distribution chain finalised guidance, containing our expectations for firms when designing and distributing insurance products sold through distribution chains. This includes considering the product value to the customer. We expect firms to consider their processes in the light of this guidance and take appropriate steps where they identify poor value.
This guidance is relevant to all firms conducting general insurance and protection business. This is part of a wider package of work around the the need for the market to deliver good value products, including the general insurance pricing practices market study interim report.
Firms need to update or attest their Firm Details annually
We are introducing enhanced rules on how firms confirm their Firm Details. From 31 January, you are required to review and confirm your firm details annually, within 60 days of your Accounting Reference Date (ARD). Even if your firm details have not changed from the previous year, you will still need to log on to Connect and confirm that they are up to date. This can only be done using Connect. Firms who are not using this platform should register now. If you need support registering, visit our website, watch our video guide, or call 0300 500 0597.
Private motor insurance compliance reporting to the Competition and Markets Authority (CMA)
The deadline for private motor insurers and intermediaries to submit annual compliance statements to the CMA is 1 February 2020.
It is easier now to submit your return via an online form and to upload copies of the tables of average no claims bonus (NCB) discounts.
You can find a recap on why this information matters and why you are obliged to send compliance statements to the CMA in the Order and the Explanatory Note on the CMA’s webpages.
Please email any questions to the CMA: general.enquiries@cma.gov.uk
Non-Financial Misconduct
On 6 January, we sent and published a Dear CEO letter on non-financial misconduct. This follows recent, publicised incidents of non-financial misconduct in the wholesale general insurance sector. You should be proactive in tackling these issues. We expect you to identify what drives this behaviour and, where appropriate, amend these drivers to produce proper conduct. We hold regular events exploring topics that are key to driving successful culture transformation.
To keep up to date on future events, please e-mail transformingculture@fca.org.uk and ask to be added to our mailing list.
Data Strategy
We have published our refreshed Data Strategy that sets out our transformation plan to become a data-driven regulator. The strategy outlines our increased focus on the use of advanced analytics and automation techniques to deepen our understanding of how markets function and allow us to efficiently predict, monitor and respond to firm and market issues.
Digital Regulatory Reporting
Together with the Bank of England and 7 regulated firms, we have published a Viability Assessment report on the latest Digital Regulatory Reporting (DRR) pilot. DRR will potentially allow firms to automatically supply data requested by regulators. This could reduce the cost of collecting this data, improve its quality and reduce the burden on industry of supplying it.
Insurance companies submit your certified persons data by the 9 March deadline
Dual Regulated firms (banks, building societies, credit unions and insurance companies) have until 9 March 2020 to supply details of their certified persons to the new directory using Connect.
Please ensure you make your submission on time to meet the deadline.
We’ll publish the directory persons data on a new and improved Financial Services Register by the end of March.
There is more information on our website about how firms can submit their data.
Firms need to update or attest their Firm Details annually
We are introducing enhanced rules on how firms confirm their Firm Details. From 31 January, you are required to review and confirm your firm details annually, within 60 days of your Accounting Reference Date (ARD). Even if your firm details have not changed from the previous year, you will still need to log on to Connect and confirm that they are up to date. This can only be done using Connect. Firms who are not using this platform should register now. If you need support registering, visit our website, watch our video guide, or call 0300 500 0597.
Data Strategy
We have published our refreshed Data Strategy that sets out our transformation plan to become a data-driven regulator. The strategy outlines our increased focus on the use of advanced analytics and automation techniques to deepen our understanding of how markets function and allow us to efficiently predict, monitor and respond to firm and market issues.
Digital Regulatory Reporting
Together with the Bank of England and 7 regulated firms, we have published a Viability Assessment report on the latest Digital Regulatory Reporting (DRR) pilot. DRR will potentially allow firms to automatically supply data requested by regulators. This could reduce the cost of collecting this data, improve its quality and reduce the burden on industry of supplying it.
Insurance companies submit your certified persons data by the 9 March deadline
Dual Regulated firms (banks, building societies, credit unions and insurance companies) have until 9 March 2020 to supply details of their certified persons to the new directory using Connect.
Please ensure you make your submission on time to meet the deadline.
We’ll publish the directory persons data on a new and improved Financial Services Register by the end of March.
There is more information on our website about how firms can submit their data.
Inside FCA podcast: Regulating the changing pensions landscape
Listen to our latest Inside FCA podcast on pensions. Chief Executive of the Personal Finance Society, Keith Richards, discusses pension freedoms, defined benefit transfers and the role of financial advisers. It also features FCA Head of Business and Consumer Communications, Emma Stranack, who highlights the ScamSmart campaign, while Head of Investment Intermediaries & Scams, Chris McGrath, discusses the biggest challenges for regulating pensions and how we’re trying to improve the quality of pension transfer advice.
Extending the remit of Independent Governance Committees
We published final rules to extend the remit of Independent Governance Committees (IGCs) in two areas. These are:
- a new duty for IGCs to consider and report on their firm’s policies on environmental, social and governance (ESG) issues, member concerns, and stewardship, for the products that IGCs oversee
- a new duty for IGCs to oversee the value for money of investment pathway solutions for pension drawdown (pathway solutions)
The final rules and guidance will come into force on 6 April 2020. Firms that intend to offer pathway solutions should have established an IGC or a Governance Advisory Arrangement (GAA) by this date.
Firms need to update or attest their Firm Details annually
We are introducing enhanced rules on how firms confirm their Firm Details. From 31 January, you are required to review and confirm your firm details annually, within 60 days of your Accounting Reference Date (ARD). Even if your firm details have not changed from the previous year, you will still need to log on to Connect and confirm that they are up to date. This can only be done using Connect. Firms who are not using this platform should register now. If you need support registering, visit our website, watch our video guide, or call 0300 500 0597.
Data Strategy
We have published our refreshed Data Strategy that sets out our transformation plan to become a data-driven regulator. The strategy outlines our increased focus on the use of advanced analytics and automation techniques to deepen our understanding of how markets function and allow us to efficiently predict, monitor and respond to firm and market issues.
Digital Regulatory Reporting
Together with the Bank of England and 7 regulated firms, we have published a Viability Assessment report on the latest Digital Regulatory Reporting (DRR) pilot. DRR will potentially allow firms to automatically supply data requested by regulators. This could reduce the cost of collecting this data, improve its quality and reduce the burden on industry of supplying it.
Firms need to update or attest their Firm Details annually
We are introducing enhanced rules on how firms confirm their Firm Details. From 31 January, you are required to review and confirm your firm details annually, within 60 days of your Accounting Reference Date (ARD). Even if your firm details have not changed from the previous year, you will still need to log on to Connect and confirm that they are up to date. This can only be done using Connect. Firms who are not using this platform should register now. If you need support registering, visit our website, watch our video guide, or call 0300 500 0597.
Review of Asset Management portfolio tools
On 13 January, we published a review of how firms in the asset management sector selected and used risk modelling and other portfolio management tools. We wanted to see how firms identify and manage risks and their capability to respond to system failures or service interruptions. While we saw some good practice, we identified problems in firms’ processes and controls, particularly in risk model oversight and contingency planning. We expect firms to ensure that their arrangements for these tools enable them to comply with our expectations as set out in the Systems & Controls handbook and elsewhere.
Data Strategy
We have published our refreshed Data Strategy that sets out our transformation plan to become a data-driven regulator. The strategy outlines our increased focus on the use of advanced analytics and automation techniques to deepen our understanding of how markets function and allow us to efficiently predict, monitor and respond to firm and market issues.
Digital Regulatory Reporting
Together with the Bank of England and 7 regulated firms, we have published a Viability Assessment report on the latest Digital Regulatory Reporting (DRR) pilot. DRR will potentially allow firms to automatically supply data requested by regulators. This could reduce the cost of collecting this data, improve its quality and reduce the burden on industry of supplying it.
Firms need to update or attest their Firm Details annually
We are introducing enhanced rules on how firms confirm their Firm Details. From 31 January, you are required to review and confirm your firm details annually, within 60 days of your Accounting Reference Date (ARD). Even if your firm details have not changed from the previous year, you will still need to log on to Connect and confirm that they are up to date. This can only be done using Connect. Firms who are not using this platform should register now. If you need support registering, visit our website, watch our video guide, or call 0300 500 0597.
Data Strategy
We have published our refreshed Data Strategy that sets out our transformation plan to become a data-driven regulator. The strategy outlines our increased focus on the use of advanced analytics and automation techniques to deepen our understanding of how markets function and allow us to efficiently predict, monitor and respond to firm and market issues.
Digital Regulatory Reporting
Together with the Bank of England and 7 regulated firms, we have published a Viability Assessment report on the latest Digital Regulatory Reporting (DRR) pilot. DRR will potentially allow firms to automatically supply data requested by regulators. This could reduce the cost of collecting this data, improve its quality and reduce the burden on industry of supplying it.
Firms need to update or attest their Firm Details annually
We are introducing enhanced rules on how firms confirm their Firm Details. From 31 January, you are required to review and confirm your firm details annually, within 60 days of your Accounting Reference Date (ARD). Even if your firm details have not changed from the previous year, you will still need to log on to Connect and confirm that they are up to date. This can only be done using Connect. Firms who are not using this platform should register now. If you need support registering, visit our website, watch our video guide, or call 0300 500 0597.
Data Strategy
We have published our refreshed Data Strategy that sets out our transformation plan to become a data-driven regulator. The strategy outlines our increased focus on the use of advanced analytics and automation techniques to deepen our understanding of how markets function and allow us to efficiently predict, monitor and respond to firm and market issues.
Digital Regulatory Reporting
Together with the Bank of England and 7 regulated firms, we have published a Viability Assessment report on the latest Digital Regulatory Reporting (DRR) pilot. DRR will potentially allow firms to automatically supply data requested by regulators. This could reduce the cost of collecting this data, improve its quality and reduce the burden on industry of supplying it.
Credit Unions submit your certified persons data by the 9 March deadline
Dual Regulated firms (banks, building societies, credit unions and insurance companies) have until 9 March 2020 to supply details of their certified persons to the new directory using Connect.
Please ensure you make your submission on time to meet the deadline.
We’ll publish the directory persons data on a new and improved Financial Services Register by the end of March.
There is more information on our website about how firms can submit their data.
Firms need to update or attest their Firm Details annually
We are introducing enhanced rules on how firms confirm their Firm Details. From 31 January, you are required to review and confirm your firm details annually, within 60 days of your Accounting Reference Date (ARD). Even if your firm details have not changed from the previous year, you will still need to log on to Connect and confirm that they are up to date. This can only be done using Connect. Firms who are not using this platform should register now. If you need support registering, visit our website, watch our video guide, or call 0300 500 0597.
Data Strategy
We have published our refreshed Data Strategy that sets out our transformation plan to become a data-driven regulator. The strategy outlines our increased focus on the use of advanced analytics and automation techniques to deepen our understanding of how markets function and allow us to efficiently predict, monitor and respond to firm and market issues.
Digital Regulatory Reporting
Together with the Bank of England and 7 regulated firms, we have published a Viability Assessment report on the latest Digital Regulatory Reporting (DRR) pilot. DRR will potentially allow firms to automatically supply data requested by regulators. This could reduce the cost of collecting this data, improve its quality and reduce the burden on industry of supplying it.
Firms need to update or attest their Firm Details annually
We are introducing enhanced rules on how firms confirm their Firm Details. From 31 January, you are required to review and confirm your firm details annually, within 60 days of your Accounting Reference Date (ARD). Even if your firm details have not changed from the previous year, you will still need to log on to Connect and confirm that they are up to date. This can only be done using Connect. Firms who are not using this platform should register now. If you need support registering, visit our website, watch our video guide, or call 0300 500 0597.
Listen to the latest Inside FCA podcast on payments
The payments sector has seen monumental change in the last five years, driven largely by legislation such as PSD2. But has this prompted innovation and competition in the sector as intended? Can new technologies and products make payments safer and more secure? And what should the FCA and others do to ensure the sector develops in the best interests of consumers? Find out as a panel of experts take an in-depth look as this issue, dissecting the challenges and future opportunities for the sector. Listen now on the FCA website.
Data Strategy
We have published our refreshed Data Strategy that sets out our transformation plan to become a data-driven regulator. The strategy outlines our increased focus on the use of advanced analytics and automation techniques to deepen our understanding of how markets function and allow us to efficiently predict, monitor and respond to firm and market issues.
Digital Regulatory Reporting
Together with the Bank of England and 7 regulated firms, we have published a Viability Assessment report on the latest Digital Regulatory Reporting (DRR) pilot. DRR will potentially allow firms to automatically supply data requested by regulators. This could reduce the cost of collecting this data, improve its quality and reduce the burden on industry of supplying it.
Temporary Permissions Regime
The Temporary Permissions Regime (TPR) notification window will close on 30 January, as will the notification window for fund managers under the Temporary Marketing Permission Regime (TMPR). The Government has not yet announced its plans for the period after 31 December 2020. We will provide further details on our approach to the end of the implementation period in due course.
Check our website for the latest updates.
MiFID Systems
All MiFID systems will remain connected to ESMA during the implementation period.
Our new Financial Instruments Reference Data System (FCA FIRDS) will continue to publish in parallel to ESMA’s systems, but should only be used by firms for testing purposes.
The FCA’s version of ESMA’s Financial Instruments Transparency Reference System (FCA FITRS) will be suspended until further notice. We will resume FCA FITRS, as appropriate, closer to the end of the implementation period.
Check our website for the latest updates.
Credit Rating Agencies
During the implementation period, EU law will continue to apply in the UK and ESMA will continue to operate as the direct supervisor of UK CRAs. Additionally, any new EU legislation that takes effect before the end of the implementation period will also apply to the UK.
UK firms using credit ratings for regulatory purposes can continue to use EU ratings during the implementation period in line with the existing rules.
Check our website for the latest updates.
Trade Repositories
During the implementation period, ESMA will continue to operate as the direct supervisor of UK TRs. Additionally, any new EU legislation that takes effect before the end of the implementation period will also apply to the UK.
The FCA’s Trade Repository Derivatives Data Store (TRDDS) is now in operation and we will continue to engage with TRs on submission of EMIR data to TRDDS (under FCA’s current article 81 data mandate).
Check our website for the latest updates.
Firms need to update or attest their Firm Details annually
We are introducing enhanced rules on how firms confirm their Firm Details. From 31 January, you are required to review and confirm your firm details annually, within 60 days of your Accounting Reference Date (ARD). Even if your firm details have not changed from the previous year, you will still need to log on to Connect and confirm that they are up to date. This can only be done using Connect. Firms who are not using this platform should register now. If you need support registering, visit our website, watch our video guide, or call 0300 500 0597.
Data Strategy
We have published our refreshed Data Strategy that sets out our transformation plan to become a data-driven regulator. The strategy outlines our increased focus on the use of advanced analytics and automation techniques to deepen our understanding of how markets function and allow us to efficiently predict, monitor and respond to firm and market issues.
Digital Regulatory Reporting
Together with the Bank of England and 7 regulated firms, we have published a Viability Assessment report on the latest Digital Regulatory Reporting (DRR) pilot. DRR will potentially allow firms to automatically supply data requested by regulators. This could reduce the cost of collecting this data, improve its quality and reduce the burden on industry of supplying it.
Repeat Lending
There has been some debate in the HCSTC market about how our creditworthiness rules should apply to repeat lending.
Other than for rollovers, our rules do not prevent firms from issuing more than a particular number of loans to a customer per se. However, they would need to comply with our creditworthiness rules in doing so, including assessing the affordability risk to the borrower. This is a view shared by all relevant bodies, including the Financial Ombudsman Service.
We would remind firms of our Dear CEO letter from October 2018, sent to all HCSTC firms. In that, we highlighted the risks in relation to repeat borrowing given that it could indicate a pattern of dependency on HCSTC that is harmful to the borrower. Rigorous affordability assessments are key to avoiding harm in this area, and firms should ensure they are making proportionate and responsible assessments of the sustainability of borrowing.
FCA Webinar: Using assessment as a tool to understand culture
We are excited to announce our panellists for our upcoming webinar on 24 January 2020. This webinar will focus on using assessment as a tool to understand culture.
The webinar will be hosted by Jonathan Davidson, FCA’s Executive Director of Retail Supervision, who will be joined by expert panellists: Alison Cottrell (CEO, Banking Standards Board) and Dr Ben Hardy (Senior Lecturer, SOAS).
Please register here to join the discussion. There will also be a live Q&A where viewers will have the opportunity to submit questions to the panelists.
MIFID investment firms will need to use a new form to notify FCA of management body changes for Non-SMF Directors
MIFID investment firms and optional exempt firms now need to use a new form to submit information to us when appointing Non-SMF Directors to, or withdrawing them from, their management body.
It is available to download from the Handbook. If a firm’s management body changes, they will need to download the form, complete it and email it to us via NonSMFNotification@fca.org.uk. This is a temporary process. From Q1 2020, you will be able to submit the form via Connect, the FCA’s online platform.
Read more on our website.
Transforming Culture Conference 2020: Driving healthy and sustainable cultures within financial services
On Wednesday 25 March, we are holding our second Transforming Culture Conference, hosted by Jonathan Davidson, Director of Supervision, Retail & Authorisations. We will share and discuss insights and ideas on topics important to culture transformation including psychological safety, purpose and the role of middle managers.
This event is aimed at leaders who can drive and role model cultural change within their organisations as well as individuals that can provide a perspective from beyond the financial services industry. Please visit our website for further information and to apply to attend.
2020/2021 fees and levies
Firms that intend to cancel their permission and do not want to be liable for next year’s annual fee (1 April 2020 to 31 March 2021) need to apply to cancel online, through Connect by 31 March 2020. If they do not they will be liable for the full annual fee.
Inside FCA Podcast: Regulating the changing pensions landscape
Listen to our latest Inside FCA podcast on pensions. Chief Executive of the Personal Finance Society, Keith Richards, discusses pension freedoms, defined benefit transfers and the role of financial advisers. It also features FCA Head of Business and Consumer Communications, Emma Stranack, who highlights the ScamSmart campaign, while Head of Investment Intermediaries & Scams, Chris McGrath, discusses the biggest challenges for regulating pensions and how we’re trying to improve the quality of pension transfer advice.
The Data Protection Fee: does your company need to pay?
The Information Commissioner’s Office (ICO), recently launched a campaign to remind sole traders, small companies and SMEs of their legal responsibility to pay a data protection fee.
If you received a letter from the ICO, you should pay your fee or advise them you are exempt. You can check if you are exempt by taking an online self-assessment.
Anyone holding, recording, storing, updating or sharing personal data for business purposes on any electronic device are likely to need to pay a fee. If you are exempt you should complete the ICO’s online form.
For more information visit the ICO hub.
Requirements for eIDAS Certificates under SCA-RTS
In response to concerns about industry readiness to apply (Strong Customer Authentication) SCA for open banking, and to minimise potential disruption to consumers and merchants, we introduced the Adjustment Period. This is a 6-month period until 13 March 2020 where we would not take enforcement action against firm if they did not introduce SCA.
Today, we have updated the SCA webpage to include more guidance on our position on the use of eIDAS certificates under SCA-RTS.
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