Our improved Form A (used for Senior Management Function and Controlled Function applications) is now being rolled out to all firms.

We’ve made lots of improvements to the form and feedback from firms is that the new version is clearer and much easier to use.

Changes you need to be aware of

• to remove duplication in the employment history section you will no longer need to upload a CV (solo regulated firms only)
• you will now input 10 years of employment history
• the send later function has been removed
• you may also be asked new questions on rights to work in the UK, previous names to be displayed on the Register, candidate time spent on activities and spread across Directorships (where necessary)

Existing draft applications will not be affected.

From April 24

The changes will apply to all new standalone applications (those not submitted as part of an application for something else). This includes standalone Appointed Representative applications. 

From May 24

The changes will apply to new related applications (eg applying for Authorisation for the first time, for a Variation of Permission or to add or amend Appointed Representatives)

Our webpage gives more information on the improvements we’ve made based on industry feedback.

Ahead of an anti-greenwashing rule coming into force on 31 May, we are supporting industry with guidance to help them meet the new standard. The new rule aims to protect consumers by ensuring sustainable products and services are accurately described.

Results from the latest Financial Lives survey shows significant consumer interest in sustainable finance. Eighty one per cent of adults surveyed would like their investments to do some good as well as provide a financial return. This work supports the long-term growth and competitiveness of the sector by helping businesses meet this demand and ensuring consumers who invest in sustainability-related financial products can make informed decisions.

We are also consulting on extending the requirements on how sustainable investments are labelled and explained to portfolio managers, making consumer choice easier. These are firms that manage a group of investments for consumers, which can either be offered as standardised products or tailored services.

The proposed labelling and Sustainability Disclosure Requirements (SDR) for portfolio managers largely mirror those introduced for asset managers in November 2023. They include:

• product labels to help consumers understand what their money is being used for
• naming and marketing requirements so products can only be described as having positive outcomes on the environment and/or society when those claims can be backed up

As we continue to deepen our understanding of the potential impact of AI on financial services, we remain committed to ensuring AI in UK financial markets is used safely and responsibly, while creating the conditions for beneficial innovation.

Speaking at an event held by the Digital Regulation Co-operation Forum (DRCF) and TechUK, our CEO Nikhil Rathi – the current chair of the DRCF – highlighted the publication of our response alongside the launch of the DRCF’s pilot AI and Digital Hub. This is a collaboration between regulators that enables innovators to get advice on issues that cross more than one DRCF regulators’ remit.

Feedback to our call for input identified no immediate harm from data asymmetry between Big Tech firms and financial services. But there is still a risk that a lack of data sharing could limit future competition and delay innovation.

We now plan to work with Big Tech to examine how their data could be most helpful for financial firms and consumers, and to ensure competition evolves effectively.

Read our paper and next steps on Big Tech in financial services.

Overall, we consider that our signposting intervention (PS20/3) has had a positive impact on the market.

We expect to consult later this year on updating the £100 medical condition premium trigger point for signposting.

To know what action you should take, if you use the proxy measure of annual income to respond to Question 6 of the CCR007 please review the CCR007 help page. If you use the proxy measure of annual income to respond to Question 12 of the CCR002 please review the CCR002 help page.

To improve the efficiency of this process, we have created a new webform for Sup 15 notification submission. This asks for more details of the issue before firms upload their submission. This will allow us to identify high-risk concerns which we may need to escalate promptly.

The webform has now been released. Firms should use it when submitting a Sup 15 notification.

The DSS will support the adoption of innovative technology like Distributed Ledger Technology (DLT) in the trading and settlement of securities such as shares and bonds.

We hope this will be a more effective, collaborative and quicker way of delivering regulatory change. Have your say by 29 May 2024.

So that firms can assess the impact of our proposals, we provide an online fees calculator which will enable you to estimate your fees for 2024/25.

Please consider our proposals and send us your comments by 14 May 2024.

The new rules come into force on 4 November 2024.

Access the final rules and mortgage guidance.

The document invites firms to comment on a targeted set of questions on the open banking Future Entity’s recommended structure, governance, and new funding model, both in the interim and long-term.

Stakeholders are invited to feed back by 20 May 2024.

The proposals would give asset managers greater freedom in how they pay for research, supporting their investment decisions. This greater choice should suit firms of varying business models and sizes, helping to promote competition.

It will allow the ‘bundling’ of payments for third-party research and trade execution, and would exist alongside those already available, such as payment from an asset manager's own resources or from a dedicated account.

Please send comments on the proposals to us by 5 June 2024.

The IWG is developing the new governance arrangements in the credit information market.

The publication is part of our ongoing proactive work to improve principals' oversight of appointed representatives (ARs) and raise standards across financial services. It provides insights on principal firms’:

• due diligence when appointing ARs
• ongoing monitoring of ARs

Firms should consider our findings and address any gaps.

The proposals focus on areas where there have been recent developments, such as sanctions, proliferation financing, transaction monitoring and cryptoassets.

The Guide helps firms assess the adequacy of their financial crime systems and controls and remedy deficiencies. It doesn’t contain rules and imposes no new requirements. It provides guidance which we expect firms to have read and considered, to ensure effective financial crime systems and controls are in place.

Have your say on the proposals by 27 June 2024.

We remind insurers of their obligation to treat customers fairly and provide reasonable guidance to policyholders throughout the claims journey. When insurers are assessing claims that require evidence of a case of Covid-19 occurring in the relevant policy area they should ensure that they consider all available data or information. This includes publicly available data or the firm’s own internal data.

Policyholders can continue to seek to evidence their claims using any relevant data or information available to them. This may include using public data that remains available, for example, data referred to in our former Finalised Guidance published in March 2021.

In the second stage, in autumn 2024, we will request more detailed information from a smaller sample of firms on their consumer support offer. The aim of this work is to identify and share good practices and challenge firms who offer poor levels of support to customers, including those with characteristics of vulnerability.

We will share our findings of the review in early 2025.

Advertising activity is live across several channels including, paid social, online video and out-of-home advertising, including train and Tube placements.

The Committee was set up in 2022 and we are now renewing the membership in line with our terms of reference. The purpose of the Committee is to support our work in wholesale secondary markets. The Committee is chaired by us and is composed of senior individuals who are experts in how secondary markets function.

Market participants who are interested in joining should see our published call for interest for further information.

Applications close on 13 May 2024.

We have now published our main decision letter. In this we explain in detail how we carefully considered the concerns complainants raised and the actions we took. We concluded that, while there have been lessons for us to learn, for example, in strengthening links with partners such as the Pensions Regulator, we took appropriate regulatory action based on the information available at the time. We have, therefore, not upheld the complaints.

In April 2024, we published the results of the last Financial Resilience Survey. The survey has been replaced by FIN073. This is a baseline financial resilience regulatory return which continues to ensure we have regular, up-to-date baseline information for thousands of solo-regulated firms.

The publication includes results for over 13,000 firms aggregated to market level. It includes information on liquidity resources, inflows & outflows, profit, and impact from the current macroeconomic environment.

If you have other questions, please contact: FinancialResilienceSurveyQueries.

Key findings include:

Since January 2023 there has been an improvement in the number of people finding it hard to manage the higher costs of living, although some groups still face challenges. 

The cost of living continues to have an impact on the financial lives of some adults in the UK. In January 2024:

• 7.4m (14%) felt heavily burdened by their domestic bills and credit commitments
• 5.5m (11%) had missed any of these bills in the previous 6 months
• 14.6m (28%) were not coping financially or finding it difficult to cope
• 5.9m (11%) had no disposable income

Key findings include:

• Total number of pension plans accessed for the first time in 2022/23 increased by 5% to 739,535 compared to 2021/22 (705,661).
• Uncrystallised funds pension lump sums (UFPLS) saw the biggest increase from 36,271 in 2021/22 to 41,571 in 2022/23 (14.6%).
• Sales of annuities decreased from 68,514 in 2021/22 to 59,163 in 2022/23 (13.6%).

Our retirement income dashboards provide the data in detail.

Key findings include:

• In 2023 H2, financial services firms received 1.87m complaints, a decrease of 1% from 2023 H1 (1.89m) (Figure 1). Since the Payment Protection Insurance (PPI) peak in 2020, complaints have stayed relatively constant between 1.8m and 2m. 
• The product groups that saw an increase in their complaint numbers were banking and credit cards (up 3.2%), home finance (up 3.7%), and investments (up 3.4%).

We have written to motor finance firms to remind them they must maintain adequate financial resources at all times. While each firm will need to examine its own specific circumstances, we expect this would include planning for any additional operational costs from increased complaints and, where applicable, to meet the costs of resolving those complaints. 

As we continue to review the historical use of motor finance discretionary commission arrangements, our letter also reminds firms of how they should deal with complaints.