 Finalised guidance on mortgages and draft guidance on consumer credit products and overdrafts
On 14 September, we published finalised guidance for firms on the next stage of support for mortgage borrowers who face payment difficulties due to coronavirus (Covid-19). For those who can restart payments, it is in their best interests to do so. But the new guidance will ensure that consumers who have benefitted from the measures under the current guidance who still face financial difficulties, and those whose finances may be newly affected by coronavirus after the current guidance is expected to end on 31 October, continue to get the support they need and that this will reflect their individual circumstances. This could include extending the repayment term or restructuring of the mortgage. Where consumers need further short-term support, firms can continue to offer arrangements for no or reduced payments for a specified period to give customers time to get back on track. Where borrowers require further support from lenders these further arrangements can be reflected on credit files in accordance with normal reporting processes. This also applies to borrowers newly affected by coronavirus who receive support from their lender after 31 October. Firms are required to be clear about the credit file implications of any forms of support offered to borrowers.
We will be monitoring firms to ensure they are treating borrowers fairly in line with the guidance. We will also keep our guidance under review and, if circumstances change significantly, will consider any further measures that may be needed to support consumers.
On 16 September, we also published draft guidance on the next stage of support for consumer credit and overdraft borrowers who continue to face payment difficulties due to coronavirus. Like mortgages, the aim is to ensure that borrowers in this situation get the support that they need and it reflects their individual circumstances. We welcome comments on the proposals until 10am on Monday 21 September.
Launch of Call for Input on the Consumer Investments Market
On Tuesday 15th September, we launched our Call for Input (CFI) on the consumer investment market.
Much of the consumer investment market meets the goals of retail investors, but there are some areas where it is not working as well as it should and where change is needed so that everyone can benefit from the rewards of investing.
We have made significant improvements to this market to protect consumers. But there are over 5000 financial advisor firms and more than 27,000 individual advisors. These chains of intermediation make it easy for bad actors to ‘hide’ and challenging for us to oversee.
Demographic and economic changes also mean more people are living longer and are personally responsible for making complex investment decisions. The nature of long-term savings means that, when things go wrong, it’s often too late to put them right. This is why we identified reducing harm in this market as a priority in our 2020/21 Business Plan.
We want your views to help us to strike the right balance between consumer protection and consumer choice, bearing in mind we cannot offer effective protection to consumers from products outside the scope of regulation. The feedback received will shape our work in the coming years to deliver a market that works in the interests of consumers.
Please respond to our Call for Input by 15 December 2020 by emailing ConsumerInvestmentsCFI@fca.org.uk or completing our online form.
New SM&CR annual reporting requirement
SM&CR introduces a new annual reporting requirement which firms must complete and submit using GABRIEL. The report is called REP008 and firms need to tell us whether they have taken disciplinary action against individuals who are not Senior Managers for breaches of the Conduct Rules. A nil return is required if there have been no breaches resulting in disciplinary action.
The first REP008 is due on 02/11/20 for the period 09/12/19-31/08/20, unless you are a limited permission consumer credit firm.
For the first return, only certain individuals will be in scope.
We have published guidance to help firms understand the new REP008 reporting obligation.
Take control of your LIBOR Transition
The interest rate benchmark LIBOR cannot be relied upon after end-2021. Firms are expected to take appropriate action to transition to alternative rates before this date. If your firm currently uses LIBOR in any part of its business please keep reading.
Many types of firms will be affected by the transition away from LIBOR, not just large banks and insurers. This is because it is used to price or value a wide range of financial products, including but not limited to:
- mortgages
- commercial and personal loans
- bonds
- securitisations
- derivatives
We expect all Boards and Senior Managers to put the appropriate arrangements in place to identify their firms’ exposures to LIBOR. They must then ensure that their transition away from LIBOR, before the end of 2021, does not harm the viability of their businesses, their clients or the orderliness of markets.
Even if your firm does not itself provide, distribute or transact in products linked to LIBOR, it may have links to LIBOR in its systems, or in its contractual relationships with other firms. For more information on what LIBOR transition will involve please see the FCA’s LIBOR transition webpage and our Questions and Answers about conduct risks to consider during LIBOR transition.
If you believe any of the above applies to you, please see the most relevant information for your firm. Please also look out for our new monthly LIBOR updates in Regulation-Round Up.
Publication of Annual Report & Accounts 2019-20
On 10 September 2020, we published our Annual Report and Accounts 19-20. Highlights from our work last year include:
- our measures to give immediate support for over 3.4 million consumers and businesses affected by coronavirus (Covid-19)
- our continued work to prepare for EU withdrawal
- driving change in the culture of financial firms with the extension of the Senior Managers and Certification regime
- our continued focus to help to educate and inform consumers on scam prevention
- improving protection for users of high-cost credit, including a price cap on rent-to-own products, saving some of the UK’s most vulnerable consumers an estimated £19.6m a year
- imposing financial penalties on firms totalling over £224m ensuring £135m was paid to customers for disclosure failings on enhanced annuities
Annual Public Meeting 2020 – 24 September
This year, due to coronavirus and the current social distancing requirements, we will hold our Annual Public Meeting as a virtual event on Thursday 24 September from 10:00 - 12:00.
Please visit the event webpage for further information and to register to watch the live stream.
The way firms receive Directory feedback is changing
From 7 September 2020, we have changed the way firms receive feedback for their Bulk Add Directory Submissions. All firms will now receive 1 standard email about their Bulk Add submission. The email will ask firms to go into Connect to check their feedback file.
Firms will receive an email and a feedback file in Connect regardless of whether there were any errors in their submission. The new feedback file will list all the individuals submitted as part of the bulk notification. We have also updated our user guide to help with this. We encourage firms to refer to the guide before submitting any directory notification.
Final call for feedback on the operational resilience consultation
You’re invited to have your say on the operational resilience consultation. Covid-19 has created a unique set of challenges around staying resilient and we recognise it has likely shaped your thinking. We’re keen to hear from you.
We describe operational resilience as the ability to prevent, adapt, respond to, recover and learn from operational disruptions. We ran a webinar in March 2020 where we discussed the key concepts and answered your questions, and it’s available to watch online.
We extended the consultation because of the pandemic, and it now closes on 1 October 2020.
Please send your feedback to cp1932@fca.org.uk.
Transforming Culture Webinar: Leading healthy cultures in a post-Covid world
On 11 September, we broadcast a panel discussion exploring the role of leaders in driving healthy cultures in a post-Covid world.
Jonathan Davidson (Executive Director, Retail Supervision and Authorisations) was joined by guest panellists who discussed the impact of the last 6 months on organisational culture, and how leadership may need to evolve in a post-Covid world to sustain the positive changes seen. The panel also answered questions from viewers. Please visit our new webinar portal to view the on-demand version. If it is your first time using the portal you will need to create a user profile.
Daily updates
Sign up for our daily email update of our latest coronavirus news and publications.
Pandemic exclusions in professional indemnity insurance (PII) for general insurance (GI) and mortgage intermediaries
Some PII insurers are introducing exclusions following the Covid-19 pandemic. We remind firms of the need to meet our rules and highlight here some of the relevant requirements:
- GI and mortgage intermediaries’ PII must meet the minimum requirements in MIPRU 3.2.
- Providers should consider whether exclusions are consistent with their product governance obligations including, under PROD 4.2, whether the product is compatible with the needs, characteristics and objectives of the target market
- Firms distributing PII will need to meet ICOBS requirements. This includes the need to consider whether an exclusion is consistent with the needs of their customer under ICOBS 5.2.
Digital Sandbox pilot – Call for relevant APIs
In partnership with the City of London Corporation we will shortly be launching a Digital Sandbox pilot to provide support to innovative firms and organisations looking to tackle challenges relating to, or exacerbated by, coronavirus. A feature of the digital sandbox will be an Application programming interface (API) marketplace, where digital service providers can list their APIs for use by participants of the pilot. We are interested in hearing from firms who have relevant APIs that they would like to make available to the initiative. Please contact digital.sandbox@fca.org.uk to express your interest.
Fall back plans
Under the European Benchmark Regulation, Article 28(2) requires supervised entities to have robust written plans for cessation or material changes of a benchmark, including fall backs, where feasible and appropriate, and to reflect them in their contractual relationships with clients. ESMA has published Q&As on this.
We consider these plans should provide for a range of potential situations. This includes where a critical benchmark is declared no longer capable of being representative or where its continued use in existing contracts is no longer possible.
Market standard documents, eg from ISDA, may provide assistance in meeting these requirements.
Users join RegData familiarisation activity
This week, the first group of Gabriel users joined our familiarisation activities to provide feedback on RegData ahead of its rollout. In our 2019 survey, we gave users the opportunity to express their interest in testing RegData, which will replace Gabriel. We have invited a group of the survey respondents and other firms to our familiarisation activity, based on their reporting requirements. Users will have the opportunity to use the new RegData system in a test environment and provide feedback. We will continue to engage with firms in future familiarisation activities. User experience is important to us. While we cannot commit to taking forward all suggestions, we will review all feedback as we continue to improve RegData.
Open finance call for input submission deadline
We encourage responses to our call for input (CFI) on open finance, which closes on 1 October 2020.
Our CFI explores the opportunities and risks from open finance, what is needed to ensure it develops in consumers’ best interests and what role we should play. It was due to close on 17 March 2020 but we extended this deadline as part of our response to the impact of Covid-19. So far we’ve received over 100 responses from industry participants, consumer representatives and government bodies.
Digital Sandbox pilot – Call for relevant APIs
In partnership with the City of London Corporation we will shortly be launching a Digital Sandbox pilot to provide support to innovative firms and organisations looking to tackle challenges relating to, or exacerbated by, coronavirus. A feature of the digital sandbox will be an Application programming interface (API) marketplace, where digital service providers can list their APIs for use by participants of the pilot. We are interested in hearing from firms who have relevant APIs that they would like to make available to the initiative. Please contact digital.sandbox@fca.org.uk to express your interest.
Proposal to amend the open banking identification requirements (eIDAS certificate)
On 29 July, the European Banking Authority published a Brexit Communication stating that eIDAS certificates of all UK based Third Party Providers (TPPs) will be revoked on 1 January 2021.
To avoid disruption to open banking services, we consulted on 4 September on an amendment to the regulatory technical standards on strong customer authentication and common and secure communication (UK-RTS). This will allow firms to use of at least 1 other electronic form of identification issued by an independent party, in addition to eIDAS certificates.
The consultation closes on 5 October 2020. Firms should consider the impact of our proposals on their systems, and be ready to implement necessary changes as soon as possible.
Users join RegData familiarisation activity
This week, the first group of Gabriel users joined our familiarisation activities to provide feedback on RegData ahead of its rollout. In our 2019 survey, we gave users the opportunity to express their interest in testing RegData, which will replace Gabriel. We have invited a group of the survey respondents and other firms to our familiarisation activity, based on their reporting requirements. Users will have the opportunity to use the new RegData system in a test environment and provide feedback. We will continue to engage with firms in future familiarisation activities. User experience is important to us. While we cannot commit to taking forward all suggestions, we will review all feedback as we continue to improve RegData.
Open finance call for input submission deadline
We encourage responses to our call for input (CFI) on open finance, which closes on 1 October 2020.
Our CFI explores the opportunities and risks from open finance, what is needed to ensure it develops in consumers’ best interests and what role we should play. It was due to close on 17 March 2020 but we extended this deadline as part of our response to the impact of Covid-19. So far we’ve received over 100 responses from industry participants, consumer representatives and government bodies.
Users join RegData familiarisation activity
This week, the first group of Gabriel users joined our familiarisation activities to provide feedback on RegData ahead of its rollout. In our 2019 survey, we gave users the opportunity to express their interest in testing RegData, which will replace Gabriel. We have invited a group of the survey respondents and other firms to our familiarisation activity, based on their reporting requirements. Users will have the opportunity to use the new RegData system in a test environment and provide feedback. We will continue to engage with firms in future familiarisation activities. User experience is important to us. While we cannot commit to taking forward all suggestions, we will review all feedback as we continue to improve RegData.
Open finance call for input submission deadline
We encourage responses to our call for input (CFI) on open finance, which closes on 1 October 2020.
Our CFI explores the opportunities and risks from open finance, what is needed to ensure it develops in consumers’ best interests and what role we should play. It was due to close on 17 March 2020 but we extended this deadline as part of our response to the impact of Covid-19. So far we’ve received over 100 responses from industry participants, consumer representatives and government bodies.
Data Provision under the Civil Liability Act 2018
The Civil Liability Act 2018 requires insurers to provide information to us about the effect that changes to the law under the Act will have on motor insurance premiums.
The data to be provided covers the 3 annual periods commencing 1 April 2020 and finishing 31 March 2023 and needs to be provided to us as a single return by 1 October 2023. In September 2023, we intend to send a survey to all insurers to either inform us that they are out of scope or provide the required information if in scope.
FCA Supervision Strategy for Personal and Commercial Lines Insurance Intermediaries
We have written to Personal and Commercial Lines Insurance Intermediaries setting out our view of the key risks they could pose to their consumers or markets. We ask that those firms consider the extent of these risks in their business and assess if their strategies reduce the risks.
Users join RegData familiarisation activity
This week, the first group of Gabriel users joined our familiarisation activities to provide feedback on RegData ahead of its rollout. In our 2019 survey, we gave users the opportunity to express their interest in testing RegData, which will replace Gabriel. We have invited a group of the survey respondents and other firms to our familiarisation activity, based on their reporting requirements. Users will have the opportunity to use the new RegData system in a test environment and provide feedback. We will continue to engage with firms in future familiarisation activities. User experience is important to us. While we cannot commit to taking forward all suggestions, we will review all feedback as we continue to improve RegData.
Extension of financial crime reporting obligation
In August we published a consultation paper on extending the annual financial crime reporting obligation. We propose to extend our requirements to include firms that carry on regulated activities that we consider potentially pose a higher money laundering risk. We are asking for comments on this consultation paper by 23 November 2020.
Open finance call for input submission deadline
We encourage responses to our call for input (CFI) on open finance, which closes on 1 October 2020.
Our CFI explores the opportunities and risks from open finance, what is needed to ensure it develops in consumers’ best interests and what role we should play. It was due to close on 17 March 2020 but we extended this deadline as part of our response to the impact of Covid-19. So far we’ve received over 100 responses from industry participants, consumer representatives and government bodies.
Users join RegData familiarisation activity
This week, the first group of Gabriel users joined our familiarisation activities to provide feedback on RegData ahead of its rollout. In our 2019 survey, we gave users the opportunity to express their interest in testing RegData, which will replace Gabriel. We have invited a group of the survey respondents and other firms to our familiarisation activity, based on their reporting requirements. Users will have the opportunity to use the new RegData system in a test environment and provide feedback. We will continue to engage with firms in future familiarisation activities. User experience is important to us. While we cannot commit to taking forward all suggestions, we will review all feedback as we continue to improve RegData.
Open finance call for input submission deadline
We encourage responses to our call for input (CFI) on open finance, which closes on 1 October 2020.
Our CFI explores the opportunities and risks from open finance, what is needed to ensure it develops in consumers’ best interests and what role we should play. It was due to close on 17 March 2020 but we extended this deadline as part of our response to the impact of Covid-19. So far we’ve received over 100 responses from industry participants, consumer representatives and government bodies.
Users join RegData familiarisation activity
This week, the first group of Gabriel users joined our familiarisation activities to provide feedback on RegData ahead of its rollout. In our 2019 survey, we gave users the opportunity to express their interest in testing RegData, which will replace Gabriel. We have invited a group of the survey respondents and other firms to our familiarisation activity, based on their reporting requirements. Users will have the opportunity to use the new RegData system in a test environment and provide feedback. We will continue to engage with firms in future familiarisation activities. User experience is important to us. While we cannot commit to taking forward all suggestions, we will review all feedback as we continue to improve RegData.
Extension of financial crime reporting obligation
In August we published a consultation paper on extending the annual financial crime reporting obligation. We propose to extend our requirements to include firms that carry on regulated activities that we consider potentially pose a higher money laundering risk. We are asking for comments on this consultation paper by 23 November 2020.
Open finance call for input submission deadline
We encourage responses to our call for input (CFI) on open finance, which closes on 1 October 2020.
Our CFI explores the opportunities and risks from open finance, what is needed to ensure it develops in consumers’ best interests and what role we should play. It was due to close on 17 March 2020 but we extended this deadline as part of our response to the impact of Covid-19. So far we’ve received over 100 responses from industry participants, consumer representatives and government bodies.
Users join RegData familiarisation activity
This week, the first group of Gabriel users joined our familiarisation activities to provide feedback on RegData ahead of its rollout. In our 2019 survey, we gave users the opportunity to express their interest in testing RegData, which will replace Gabriel. We have invited a group of the survey respondents and other firms to our familiarisation activity, based on their reporting requirements. Users will have the opportunity to use the new RegData system in a test environment and provide feedback. We will continue to engage with firms in future familiarisation activities. User experience is important to us. While we cannot commit to taking forward all suggestions, we will review all feedback as we continue to improve RegData.
Extension of financial crime reporting obligation
In August we published a consultation paper on extending the annual financial crime reporting obligation. We propose to extend our requirements to include firms that carry on regulated activities that we consider potentially pose a higher money laundering risk. We are asking for comments on this consultation paper by 23 November 2020.
Open finance call for input submission deadline
We encourage responses to our call for input (CFI) on open finance, which closes on 1 October 2020.
Our CFI explores the opportunities and risks from open finance, what is needed to ensure it develops in consumers’ best interests and what role we should play. It was due to close on 17 March 2020 but we extended this deadline as part of our response to the impact of Covid-19. So far we’ve received over 100 responses from industry participants, consumer representatives and government bodies.
Users join RegData familiarisation activity
This week, the first group of Gabriel users joined our familiarisation activities to provide feedback on RegData ahead of its rollout. In our 2019 survey, we gave users the opportunity to express their interest in testing RegData, which will replace Gabriel. We have invited a group of the survey respondents and other firms to our familiarisation activity, based on their reporting requirements. Users will have the opportunity to use the new RegData system in a test environment and provide feedback. We will continue to engage with firms in future familiarisation activities. User experience is important to us. While we cannot commit to taking forward all suggestions, we will review all feedback as we continue to improve RegData.
Open finance call for input submission deadline
We encourage responses to our call for input (CFI) on open finance, which closes on 1 October 2020.
Our CFI explores the opportunities and risks from open finance, what is needed to ensure it develops in consumers’ best interests and what role we should play. It was due to close on 17 March 2020 but we extended this deadline as part of our response to the impact of Covid-19. So far we’ve received over 100 responses from industry participants, consumer representatives and government bodies.
Users join RegData familiarisation activity
This week, the first group of Gabriel users joined our familiarisation activities to provide feedback on RegData ahead of its rollout. In our 2019 survey, we gave users the opportunity to express their interest in testing RegData, which will replace Gabriel. We have invited a group of the survey respondents and other firms to our familiarisation activity, based on their reporting requirements. Users will have the opportunity to use the new RegData system in a test environment and provide feedback. We will continue to engage with firms in future familiarisation activities. User experience is important to us. While we cannot commit to taking forward all suggestions, we will review all feedback as we continue to improve RegData.
Open finance call for input submission deadline
We encourage responses to our call for input (CFI) on open finance, which closes on 1 October 2020.
Our CFI explores the opportunities and risks from open finance, what is needed to ensure it develops in consumers’ best interests and what role we should play. It was due to close on 17 March 2020 but we extended this deadline as part of our response to the impact of Covid-19. So far we’ve received over 100 responses from industry participants, consumer representatives and government bodies.
Users join RegData familiarisation activity
This week, the first group of Gabriel users joined our familiarisation activities to provide feedback on RegData ahead of its rollout. In our 2019 survey, we gave users the opportunity to express their interest in testing RegData, which will replace Gabriel. We have invited a group of the survey respondents and other firms to our familiarisation activity, based on their reporting requirements. Users will have the opportunity to use the new RegData system in a test environment and provide feedback. We will continue to engage with firms in future familiarisation activities. User experience is important to us. While we cannot commit to taking forward all suggestions, we will review all feedback as we continue to improve RegData.
Open finance call for input submission deadline
We encourage responses to our call for input (CFI) on open finance, which closes on 1 October 2020.
Our CFI explores the opportunities and risks from open finance, what is needed to ensure it develops in consumers’ best interests and what role we should play. It was due to close on 17 March 2020 but we extended this deadline as part of our response to the impact of Covid-19. So far we’ve received over 100 responses from industry participants, consumer representatives and government bodies.
Digital Sandbox pilot – Call for relevant APIs
In partnership with the City of London Corporation we will shortly be launching a Digital Sandbox pilot to provide support to innovative firms and organisations looking to tackle challenges relating to, or exacerbated by, coronavirus. A feature of the digital sandbox will be an Application programming interface (API) marketplace, where digital service providers can list their APIs for use by participants of the pilot. We are interested in hearing from firms who have relevant APIs that they would like to make available to the initiative. Please contact digital.sandbox@fca.org.uk to express your interest.
Proposal to amend the open banking identification requirements (eIDAS certificate)
On 29 July, the European Banking Authority published a Brexit Communication stating that eIDAS certificates of all UK based Third Party Providers (TPPs) will be revoked on 1 January 2021.
To avoid disruption to open banking services, we consulted on 4 September on an amendment to the regulatory technical standards on strong customer authentication and common and secure communication (UK-RTS). This will allow firms to use of at least 1 other electronic form of identification issued by an independent party, in addition to eIDAS certificates.
The consultation closes on 5 October 2020. Firms should consider the impact of our proposals on their systems, and be ready to implement necessary changes as soon as possible.
Users join RegData familiarisation activity
This week, the first group of Gabriel users joined our familiarisation activities to provide feedback on RegData ahead of its rollout. In our 2019 survey, we gave users the opportunity to express their interest in testing RegData, which will replace Gabriel. We have invited a group of the survey respondents and other firms to our familiarisation activity, based on their reporting requirements. Users will have the opportunity to use the new RegData system in a test environment and provide feedback. We will continue to engage with firms in future familiarisation activities. User experience is important to us. While we cannot commit to taking forward all suggestions, we will review all feedback as we continue to improve RegData.
Extension of financial crime reporting obligation
In August we published a consultation paper on extending the annual financial crime reporting obligation. We propose to extend our requirements to include firms that carry on regulated activities that we consider potentially pose a higher money laundering risk. We are asking for comments on this consultation paper by 23 November 2020.
Open finance call for input submission deadline
We encourage responses to our call for input (CFI) on open finance, which closes on 1 October 2020.
Our CFI explores the opportunities and risks from open finance, what is needed to ensure it develops in consumers’ best interests and what role we should play. It was due to close on 17 March 2020 but we extended this deadline as part of our response to the impact of Covid-19. So far we’ve received over 100 responses from industry participants, consumer representatives and government bodies.
Proposal to amend the open banking identification requirements (eIDAS certificate)
On 29 July, the European Banking Authority published a Brexit Communication stating that eIDAS certificates of all UK based Third Party Providers (TPPs) will be revoked on 1 January 2021.
To avoid disruption to open banking services, we consulted on 4 September on an amendment to the regulatory technical standards on strong customer authentication and common and secure communication (UK-RTS). This will allow firms to use of at least 1 other electronic form of identification issued by an independent party, in addition to eIDAS certificates.
The consultation closes on 5 October 2020. Firms should consider the impact of our proposals on their systems, and be ready to implement necessary changes as soon as possible.
Users join RegData familiarisation activity
This week, the first group of Gabriel users joined our familiarisation activities to provide feedback on RegData ahead of its rollout. In our 2019 survey, we gave users the opportunity to express their interest in testing RegData, which will replace Gabriel. We have invited a group of the survey respondents and other firms to our familiarisation activity, based on their reporting requirements. Users will have the opportunity to use the new RegData system in a test environment and provide feedback. We will continue to engage with firms in future familiarisation activities. User experience is important to us. While we cannot commit to taking forward all suggestions, we will review all feedback as we continue to improve RegData.
Brexit
The transition period for EU withdrawal is due to end on 31 December 2020. It is important that firms are taking the steps they need to be ready. Our Brexit pages have more information on what firms should be doing to prepare.
Preparing for the end of the transition period
We have published information about preparing for all scenarios at the end of the transition period for firms and consumers. Find out more:
TPR webpage updates
We have refreshed our webapges on the Temporary Permissions Regime (TPR). We plan to reopen TPR registration on 30 September 2020.
Quarterly Consultation Paper - Brexit Chapter
We are consulting on further changes in our Quarterly Consultation Paper [LINK]. We intend to make these changes to ensure there is a functioning regulatory framework in place at the end of the transition period.
This includes a chapter on eIDAS certificates of all UK based Third Party Providers (TPPs).
E-Commerce Directive - changes at end of transition period
The E-Commerce Directive (ECD) provides an exclusion for e-commerce activities provided from one EEA State to a person in another EEA State. Following the end of the transition period, the ECD exclusion will no longer apply for cross-border activities between the UK and the EEA, and UK and EEA-based firms will no longer be able to use it. If you think you will be affected by this change, you can find more information on our website.
Industry testing - FCA FIRDS and FITRS
As part of the next phase of developing the UK MiFID regime, which will come into application after the end of the transition period, industry testing for FCA FITRS (Financial Instruments Transparency System) will open on 5 October. More information is available on our website. FCA FIRDS (Financial Instruments Reference Data System) continues to be available for testing.
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