We have set out our proposed remedies to improve the credit information market including that FCA-regulated data contributors, such as lenders, share credit information with credit reference agencies (CRAs) and that a common data reporting format is introduced to enhance consistency and promote competition.

By the end of 2024, we expect to begin consulting on the new measures.

We have also announced the terms of reference for an Interim Working Group, set up to establish a new credit reporting governance body, designed to be more inclusive, transparent and accountable, which will oversee many of the changes proposed.

We have published our proposed new rules to encourage companies to list in the UK and set out other market improvements.

The detailed proposals include a simplified listing regime with a single listing category, with streamlined eligibility and ongoing requirements. We want to hear from all sides of the market on the proposals before taking a final decision.

We have also confirmed the regulatory regime for a bond market consolidated tape, a key element of the Edinburgh Reforms, and set out proposed measures to significantly increase the information that is published in real time to improve the bond and derivative markets.

We’ve published the findings of our multi-firm work of retail banking firms’ implementation of the Consumer Duty.

Our review looked at how firms were identifying issues and taking action to improve outcomes in the run up to the 31 July 2023 deadline. We focused on actions firms had taken for customers in financial difficulty, dealing with bank accounts of the deceased, and fraud and security breaches. We also looked at business current accounts, and mortgages for debt consolidation.

Our review sets out positive examples and some areas of concern. Firms who identify gaps against our expectations should take appropriate action to address these.

We have proposed new rules to maintain reasonable access to cash for personal and business customers across the UK. This follows new powers granted to us by the Financial Services and Markets Act 2023.

Under our proposals, designated banks and building societies will need to assess gaps in access to cash. These assessments need to take into account local factors such as demographics and transport. Where firms identify gaps, they will need to act to address these needs.

The consultation is open until 8 February. We expect to finalise the rules by Q3 of 2024.

We have published the feedback on our engagement on the prospectus regime.

We are continuing to develop detailed policy proposals for making FCA rules to support the new public offers and admissions to trading regime.

We may also carry out follow-up engagement on key topics.

We aim to consult on proposals in summer 2024, which will include draft rules and cost benefit analysis.

We encourage firms to share information to help us to prevent and detect fraud, scams, financial crime and misconduct. You can find more information on our webpages: 

• For firms or professionals: see our webpage – report wrongdoing or misconduct. 
• If you are an employee or ex-employee: contact our Whistleblowing team. 
• If you are a Pension Administrator or Trustee who is concerned about a pension transfer, alert us via Report a Transfer. 
• To report a scam or an unauthorised firm, use our Scam webpage.

We have recently set out our expectations for firms who offer fractional shares to retail investors. The update follows on from the announcement that the Treasury will allow certain fractional share contracts as ISA investments.

Following this announcement we have clarified our expectations of firms offering fractional shares to retail investors under the Consumer Duty. Firms must act in good faith, avoid causing foreseeable harm and enable and support consumers to pursue their financial objectives.

We will continue to work with the Treasury and HMRC as they develop their proposals.

In preparation for the new Overseas Funds Regime (OFR) we have set out proposals for how it should operate. The regime supports the existing global operating model of asset managers, facilitates greater consumer choice, while also maintaining existing high standards.

This consultation discusses how we would recognise funds for offer in the UK, following an equivalence determination by the Treasury under the OFR.

Send us your comments by 12 February 2024.

We set out, jointly with the Prudential Regulation Authority (PRA), our final policy on changes to the remuneration rules for dual-regulated firms to enhance the proportionality of the requirements for small firms.

This includes minor rule changes to the FCA Handbook and consequential amendments to our existing non-Handbook guidance to reflect the rule changes.

The changes came into force on 8 December 2023.

We have launched our latest loan fee fraud campaign. At a time of year when many households feel a festive squeeze on their finances, our latest research highlights that many borrow to cover the cost of Christmas, and the increased risk that loan fraudsters pose to families.

The campaign aims to educate and raise awareness of loan fee fraud and how consumers can best protect themselves.

We have set out our proposals to enhance the resilience of Money Market Funds (MMFs) based in the UK. It has been developed in close consultation with the Treasury and the Bank of England.

We are consulting to strengthen the regulatory framework applicable to MMFs and reduce their vulnerabilities.

Respond to the consultation by 8 March 2024.

We’ve set out, jointly with the Bank and Prudential Regulation Authority (PRA), proposals to oversee and strengthen the resilience of services provided by critical third parties (CTPs) to UK regulated financial services firms and financial market infrastructures (FMIs).

The proposals will create a new proportionate regulatory regime for CTPs but will not reduce firms’ existing operational resilience and third-party risk management responsibilities.

Respond to the consultation by 15 March 2024.

The Joint Regulatory Oversight Committee, a cross-authority taskforce co-chaired by Sheldon Mills, Executive Director, Consumers and Competition and Chris Hemsley, PSR’s Managing Director is leading the delivery of the next phase of UK open banking for consumers and firms.

The Committee has published an update on the progress made on the 29 actions it identified in April 2023 to take forward the next phase of open banking. It has also published a response to the Variable Recurring Payments (VRP) working group's blueprint, setting out the next steps needed for expanding the use of commercial VRPs.

Firms are encouraged to give their views on what is needed for the commercial model which will allow for the rollout of non-sweeping VRP.

We welcome the launch of industry-led Code of Conduct for Environmental, Social and Governance (ESG) data and ratings providers by the International Capital Market Association (ICMA) and the International Regulatory Strategy Group (IRSG).

The FCA appointed the ICMA and IRSG to convene an industry group to develop a globally consistent voluntary Code.

It addresses the need for transparency and trust, as demand for sustainable products continues to grow and firms are increasingly reliant on third-party ESG data and ratings.

We encourage all ESG data and ratings providers to sign up to the Code.

We are replacing the Insurance Distribution Directive (IDD) delegated regulations with rules and guidance.

Our changes to the sourcebooks will replace the provisions of the retained EU law (REUL) which is being repealed. This will provide continuity of the regulatory regime which applies to insurance-related activities.

We also responded to feedback to CP23/19.

We confirmed, jointly with the Prudential Regulation Authority (PRA), in PS23/19 the extension of the exemption from the UK bilateral margining requirements for single-stock equity and index options from 4 January 2024 until 4 January 2026.

Alongside the PRA, we also confirmed our intention not to implement a supervisory pre-approval requirement for bilateral initial margin models at this stage.

As part of the Autumn Statement the government set out its package of measures to improve pension saver returns and increase opportunities for investment in the UK’s capital markets and high-growth companies.

Alongside this, we announced a spring 2024 consultation on detailed rules for a new value for money (VFM) framework for defined contribution (DC) workplace pensions. The framework has been designed to shift the focus from cost to longer-term value. We encourage pension providers to consider what more they can do.

We will continue to work with the DWP and the Pensions Regulator to ensure the new framework is consistent across all DC schemes.

REP025 is now live, please log onto RegData to check when your return is due. This will depend on your accounting referencing date (ARD).

Failure to report on time will incur a late return notification and £250 administration fee.

Find out what information to send us and read our REP025 FAQs for help and guidance.

If you have Appointed Representatives (ARs) you must confirm their details when completing your annual Firm Details Attestation (FDA).

FDAs must be completed within 60 business days of your accounting referencing date (ARD). Failure to report will incur a late return notification, £250 late return fee, and possible enforcement action.

Find out more about what AR information you need to report to us and how.

We have published our second Market Share Report for UK registered credit rating agencies (CRAs). The FCA is required to publish annually the list of UK registered CRAs, their total market share and the rating sectors in which they are active.

Since last year’s report the combined market share for the three largest CRAs has declined by 2%, to now represent 90% of the total market. The number of registered CRAs remains at 9, however 6 of these are below the 10% level. 

In collaboration with the Innovation Advisory Group, we are conducting a short survey to understand stakeholder views on FCA Innovation which will inform future work and how we engage with the industry.

This short multiple-choice survey is an opportunity for the industry to feedback on our Innovation services, flagging what you would like to see more of as well as what you would like to see done differently.

It should take no more than 3 minutes to complete. Feedback will help in directing our focus and form part of a periodic engagement survey designed to ensure industry voices have real impact on our ongoing priorities.

We’ve published, jointly with the Bank and Prudential Regulation Authority (PRA), the latest annual CBEST thematic.

CBEST tests firms’ cyber resilience and contains good practice and insight on how to remain resilient to cyber threats.

Read the report and consider embedding the findings into your cyber strategies.

The Digital Regulation Cooperation Forum (DRCF) Horizon Scanning workstream has published its Foresight Paper on Immersive Technologies. The paper presents a novel approach using foresight methods to analyse how immersive environments might evolve over the next decade and the key uncertainties that could drive changes.

We consider the cross-regulatory implications across different areas of potential new products and services, the impact on consumers and what this would mean for DRCF members and their remits. If you have questions or thoughts on this, please contact JoiningUpOnFutureTech@ofcom.org.uk.

We are looking to appoint a new member to the SBPP to represent the consumer credit sector.

This is an opportunity to help shape the FCA’s strategy and policies at a time of significant change in UK financial services regulation.

Please see our website for more information about our statutory panels.

Time is running out - please submit applications to SBPP@fca.org.uk by 7 January 2024.

See more about how we are taking action to be a leading diverse and inclusive organisation.

We have updated our CCR002 and CCR007 help pages, following our November fee consultation paper, which proposes to change the way certain consumer credit firms calculate the proxy measure of income. This change may reduce the periodic fee certain firms pay from 2024/2025 onwards.

To know if you’re in scope and what action you should take, firms that use the proxy measure of income to respond to question 6 of the CCR007 should review the CCR007 help page. Firms that use the proxy measure of income to respond to question 12 of the CCR002 should review the CCR002 help page.

Along with the Bank of England, we have published the 2023 Q3 Mortgage lending statistics.

The data we publish includes:

• the outstanding value of all residential loans
• total gross advances by loan-to-value and income multiples
• value of new commitments
• proportion of mortgage loans above Bank Rate

The value of gross mortgage advances has increased by 18.6% from last quarter to £62.2 billion, the first increase since 2022 Q3, but is 27.6% lower than a year ago.

Our fifth Consumer Investments data review covers 1 April 2022 to 31 March 2023. We have published these reviews regularly since 2020 to give greater transparency about how we protect consumers from investment harm.

The data shows we have maintained our focus on preventing and reducing serious harm to consumers in this market. For example, we:

• stopped 1 in 5 new consumer investment firms who applied from entering the market 
• published 1716 consumer alerts about unauthorised firms or individuals
• secured £4.9m in consumer redress from unauthorised investment business