Changes to Firm Details Attestation
As part of the improvements being made to our Authorisation forms, we are reviewing the Firm Details Attestation form to improve guidance, navigation, and accessibility.
To improve data quality, we plan to strengthen validation on all existing fields and verification for email addresses, phone numbers, and addresses.
For firms registered with Companies House, we plan to implement data matching for firms’ registered name, registered address, and financial year end. We strongly encourage firms to review and update their data held by Companies House before completing their next attestation.
We intend to begin rolling out the new form later this year.
Insurance multi-firm review of outcomes monitoring under the Consumer Duty
We have published the key findings from our review of larger insurance firms’ approaches to outcomes monitoring under the Consumer Duty (the Duty).
Under the Duty, firms must regularly assess, test, understand and evidence the outcomes their customers are receiving. Without this, it will be impossible for firms to know that they are meeting the requirements set out in the Duty.
Our review tested how larger firms had implemented the new requirements. We have set out examples of good and poor practice to help all firms raise their standards where necessary.
FCA appoints members for the UK Secondary Markets Advisory Committee
In April we published our call for expressions of interest to join our advisory committee on secondary markets.
The purpose of the committee is to support our work in wholesale secondary markets for equities, derivatives, fixed income and commodity derivatives.
The committee was first established in 2022 for a term of 2 years, which expired in June of this year. In line with our terms of reference, we have now appointed members for a term of 2 years, due to expire in June 2026.
See the list of members of our secondary markets advisory committee.
Information for principals with overseas appointed representatives
We’ve published a page for principal firms with overseas appointed representatives (OARs).
The information covers additional challenges that principals may face, and outlines expectations and practical considerations for overseeing OARs.
Summary from 4th interest-only industry working group
We are working with 12 mortgage lenders and administrators to support and inform a review of our interest-only guidance.
We have published a summary of the fourth meeting, held on 12 June.
The next meeting in July will be the group’s final meeting. Following this meeting, and once the guidance review has concluded, we will set out any next steps.
Alongside the working group meetings, we have met with trade bodies and consumer groups.
Using investment labels from 31 July
On 31 July, firms can begin to use investment labels for UK investment funds seeking to achieve positive sustainability outcomes, if they meet the robust qualifying criteria, as part of the Sustainability Disclosure Requirements (SDR) and investment labels regime.
Firms can refer to the SDR Policy Statement and our website for information on the measures. The website also has information on how to notify the FCA when using an investment label.
Trading apps' digital engagement practices
We have published research that shows digital engagement practices used by trading apps can increase trading frequency and risk taking.
We continue to keep trading apps under review. Firms should read our findings and make sure they can evidence how services are designed and tested to meet consumers' needs, and enable effective, timely and properly informed investment decisions.
JROC: Open banking calls for data from TPPs and ASPSPs
As part of the Joint Regulatory Oversight Committee (JROC) workstreams, Open Banking Limited (OBL) has launched a data collection exercise on API availability and performance and fraud in open banking.
This work is critical in helping to shape the future of JROC’s work - providing valuable insights that will help to mitigate fraud, improve functionality, and improve consumer experience and outcomes.
Firms are asked to provide data covering the period, January 2024 to June 2024.
Explore new APP Fraud dataset
The latest release of Authorised Push Payment (APP) Fraud Synthetic Data is available from now to the end of September on our Digital Sandbox. We’re encouraging all types and sizes of organisations to try the dataset and explore how it might help tackle APP fraud.
To do so you need to apply to the Permanent Digital Sandbox which offers access to GDPR-compliant datasets in a secure environment, mentoring from industry experts and a fintech community to support innovation.
All new and previous users are invited to share feedback on this latest release.
Wider Implications Framework annual report
The members of the Wider Implications Framework have published the second Annual Report.
This is the first report since section 415C of FSMA 2000 came into force, introducing a new duty on FCA, FOS, and FSCS to cooperate on issues that have significant implications for each other or the wider financial services market. It also includes a requirement to report annually on compliance with the Duty.
The report looks at how we’ve used the framework to: share data, insight and expertise; engage jointly with consumers and the industry; improve the consumer journey; and ensure fairness and consistency across the market.
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