Fees Consultation
We’ve published our consultation on the rates for our regulatory fees and levies in the 2022/23 financial year. The consultation explains how we propose to recover the costs of our work as set out in our Business Plan, including our annual funding requirement, periodic fees for authorised firms, the fees we recover for other bodies, and how we handle revenue from financial penalties imposed on firms.
Read and respond by 12 May 2022.
Call for Input: Synthetic data to support financial services innovation
We invite academics, regulated firms, start-ups, RegTechs & FinTechs, technology firms, regulators and other policy-making bodies to provide their views on synthetic data. This includes its ability to support innovation, the requirements to be effective, and the potential limitations and risks.
Please respond by 22 June 2022.
CLOSING SOON FCA Smaller Business Practitioner Panel Vacancies
Last month we advertised vacancies on the SBPP, one from each of the following sectors: building societies, life cover/protection, credit unions, consumer credit and financial advice (with ESG expertise).
Time is running out - please apply by Sunday 1 May 2022.
This is an opportunity to help shape the FCA’s strategy and policies. For more information and to apply, please visit our website. You can find more information about our statutory panels here.
We’re taking action to be a leading diverse and inclusive organisation. Further details here.
TR22/1: Observations on wind-down planning
We recently published a Thematic Review reiterating our expectation that firms have adequate financial and non-financial resources to wind-down in an orderly manner.
The review includes our observations of how firms are doing this. We completed our thematic work on wind-down planning across different business models, in light of the ongoing COVID-19 pandemic and the potential harms caused if a wind-down is less orderly. We encourage firms to review the observations and consider incorporating these into their own wind-down planning processes and documents, in a way that is proportionate to the nature, scale and complexity of the firm’s activities.
Transforming Data Collection Programme update
The FCA and Bank of England are leading a joint transformation programme with industry to transform data collection from the UK financial sector. Our latest publication provides an update on the programme including:
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phase one achievements and next steps
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planned activities between now and start of phase two in September
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announcement of our phase two use cases
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the skills and capabilities we need to help us continue to progress the programme together
To get involved or find out more about the programme, please register here.
Updated consumer Defined Benefit transfer advice checker
We’ve updated our advice checker, a tool consumers can use to check whether the advice they received to transfer their defined benefit pension was suitable. It's now more user friendly and allows people to print or save their responses for later action.
FCA makes authorisations and finance senior hires
We’ve recently appointed new Directors of Authorisations and filled 95 new authorisation roles as part of our commitment to providing a more robust and efficient authorisation process. A new Finance Director will also join in May. For more information see our press release.
Review of London Metal Exchange nickel trading suspension
Following the suspension of nickel trading in March, we’ve announced our intention to review the London Metal Exchange’s (LME) approach to managing the suspension and resumption of the nickel market. We want to determine what lessons might be learned from their governance and market oversight arrangements.
The Bank of England will also review the operation of LME Clear to determine whether any lessons can be learned from its governance and risk management.
FCA sets out British Steel compensation scheme plans
On 31 March we published proposals for a compensation scheme for former members of the British Steel Pension Scheme (BSPS) who received unsuitable advice to transfer out of the fund.
Temporary asset retention rules for firms that gave advice on British Steel Pension Scheme transfers
The temporary measures apply to firms that advised five or more BSPS members to transfer out of the pension scheme between 26 May 2016 and 29 March 2018 (subject to certain exclusions).
The requirements mean that in-scope firms have to report to us whether they can meet the potential cost of the BSPS redress liabilities. Firms will have to comply with the asset restriction rules until they confirm to us that they have sufficient resources to pay their potential redress bill. If a firm is subject to the asset restriction rules, it will not be able to undertake transactions that are not ‘in the ordinary course of business’.
FCA Innovation
We carry out a range of work to enable effective innovation through our Innovation Hub. We recently launched a new unified firm support service, Innovation Pathways, which sits alongside our now ‘always open’ Regulatory Sandbox.
Our services are designed to support firms at any stage of maturity, from collaboration, initial idea and proof of concept, to obtaining authorisation. We’ve had over 2,000 applications and have supported over 800 firms since launching in 2014.
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