We found that many firms have now fully integrated considerations on assessment of value into their product development and fund governance processes. This greater focus has also driven changes in fees and charges, saving consumers costs amounting to millions of pounds.

However, there remain outliers that require action. This is particularly important given the Consumer Duty came into force on 31 July, requiring firms to deliver fair value for retail consumers.

These are the findings of our most recent review of processes Authorised Fund Managers (AFMs) use for assessments of value (AoVs) for the funds they operate. This is a follow-up to our feedback from our first review in July 2021 and supervisory activity highlighted in our Asset Management Portfolio Letter earlier this year.

Our latest authorisations data, covering April to June 2023, shows we continue to make good progress towards meeting our service level targets. The data shows 8 metrics are green, 6 are amber and 2 are red. Three of the amber metrics are improved and are within 1% of becoming green.

We have invested in our people and technology to improve our performance, while maintaining high standards to protect consumers and bolster the reputation of the UK market.

Our next performance report will be in November 2023.

We propose not to refer any of the three markets covered by the market study, to the Competition and Markets Authority (CMA) because at this stage we believe that it is most appropriate for us to identify and address any potential harm that may be found.

We launched the market study in March 2023 to investigate potential competition problems in the markets for benchmarks, credit ratings data and market data vendor services.

We would like to hear comments on the update report including our proposal not to refer the markets to the CMA by 29 September 2023.

We will publish our final report by 1 March 2024.

From the end of September, we plan to start rolling out the new Form A for public testing.

Once the new form is made available, we will contact firms with information on how to take part in testing.

Firms can choose to continue submitting Form A applications using the old form over the coming months. However, after the roll-out has been completed the new form will be the only one available.

For more information, please see our webpage.

The UK Securitisation Regulation is one of the first pieces of regulation to undergo the repeal and replacement of retained EU Law. We set out our proposed rules to replace the firm-facing provisions which we are transferring into our Handbook.

This CP should be read alongside the near-final draft of that SI that was published by HMT on July 10th. The Prudential Regulation Authority has published its own CP on proposed rules to replace firm-facing requirements for which it has supervisory responsibility.

The implementation date for the changes from this CP will depend on the progress of the Securitisation Near-final SI and feedback from this consultation.

While the review is ongoing, we have published clarification for firms who want to support consumers more, particularly during the increased cost of living, without providing a personal recommendation. The intention of the information is to help firms get closer to the current boundary so that consumers can benefit from support now, pending broader regulatory reform. 

Appointments of the Chairs of the statutory panels are agreed by the FCA Board and approved by the Treasury.

This clarification of scope is in line with our objective of collecting baseline financial data from firms with the greatest potential for harm. Firms brought into scope of FIN073 need to be prepared to submit the return when it is due, from January 2024. Firms will receive an automated reminder via our regulatory reporting system, RegData when the return is available for them to complete.

The new scheme will apply from 1 November 2023. Complaints made before this date will be considered under the existing scheme.

Consumers’ personal circumstances may mean they have characteristics of vulnerability that may affect their decision- making. When consumers seek advice about transferring a defined benefit (DB) or other pension benefits, firms should be alert to potential indicators of vulnerability. Firms should create an environment where consumers feel they can explain their needs and have structures in place to provide suitable support.

The CBA Panel is in the early stages of creation and has started recruitment with the aim of being fully operational by the end of 2023. 

If you currently work at an FCA-authorised firm (or for a payment system operator), have a background in economics and are interested in CBA, please see the role description with details on how to apply.

Of those remaining, the greatest number of interest-only mortgages are set to mature in 2031 (72,000) and 2032 (77,000), with a smaller peak in 2027. This means borrowers without a repayment plan still have time to act and reduce at least some of their outstanding capital by the end of their mortgage.

We will now be discussing the research findings with industry and consumer groups and how lenders can further support borrowers who may not be able to repay all the capital owed at the end of their mortgage term.

We have written to all dual regulated firms (firms supervised by the FCA and the PRA) to tell them they will need to attest to their firm details within 60 business days of their Accounting Reference Date (ARD), from 1 December 2023.

For more information, visit our website.

Read more about what AR data principal firms must report to us and when.

The loan fee fraud campaign is here to help increase awareness and educate consumers on loan fee fraud and encourage them to check if a loan provider is authorised before taking out a loan.

We have published the latest retail intermediary market data. The publication focuses on analysis of the sector based on the data around 12,000 firms have submitted to us via the Retail Mediation Activities Return (RMAR).

Our findings show retail investment, mortgage intermediary and non-investment insurance firms’ revenue rose by 3%, 12% and 10% respectively in 2022 compared to 2021.

Our Tableau dashboard, which accompanies the publication, now includes more visualisations to help our users interact with the data.

This data gives an overview of our work to improve standards across the market so that consumers get clear and fair financial promotions which are not misleading.

Our intervention with 54 authorised firms in 2023 Q2 resulted in authorised firms withdrawing or amending 1,507 promotions.

Our Annual Public Meeting will take place on Wednesday 4 October 2023, 10am-12pm.

We will discuss our 2022/23 Annual Report and Accounts.

There will be an opportunity for questions to our Chair, Chief Executive, and executive directors. 

We will look at how we have delivered against our strategic objective to make markets work well, and our 3 operational objectives of securing an appropriate degree of protection for consumers, protecting and enhancing the integrity of the UK financial system, and promoting effective competition in the interests of consumers. 

Who should attend? 

Firms, consumers, trade associations and any other interested parties. 

Where? 

The event will be held virtually. Register via our booking page.

The event will be hosted on the FCA Permanent Digital Sandbox on Wednesday 27 September 2023.

During the event we will:

• introduce the APP Fraud synthetic dataset and the engagement programme around it
• familiarise participants with the synthetic data set as a potential innovative tool for data-sharing challenges
• introduce the permanent Digital Sandbox

Laura Dawes discusses how colleagues engaged in Pride activities and why the journey for equality is not yet over in her latest blog.

She pointed to the Financial Lives data which showed LGBT+ customers had less confidence in financial service firms than other groups.