The Senior Manager and Certification Regime (SM&CR) applies to almost every UK solo-regulated firm, from very small firms (including sole traders and limited permission consumer credit firms) to some of the largest global firms.
The FCA has released what it calls an ‘explainer video’ to aid firms with implementation of the Certification Regime and the Conduct Rules ahead of the deadline on 31 March 2021.
You can view the short video here.
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Following consultation in GC 20/05, the FCA has published finalised non-handbook guidance for insolvency practitioners (IPs) on how to approach insolvencies of regulated firms. This finalised guidance aims to help IPs comply with FCA rules and guidance and relevant legislation to achieve better outcomes for consumers and market participants when a regulated firm fails. The […]
COBS 19.1.2 states … “To prepare an appropriate transfer analysis a firm must: (1) assess the benefits likely to be paid and options available under the ceding arrangement; (2) compare (1) with those benefits and options available under the proposed arrangement; (3) where the proposed arrangement is a personal pension scheme, stakeholder pension scheme […]
The FCA continues to keep busy with yet another survey being announced. We have received the following notification from the FCA. “We wanted to advise you that we will shortly be sending a survey to all firms holding the credit broking permission. The survey will give us an updated view of whether and how firms […]
The FCA has published a discussion paper on strengthening financial promotion rules for high-risk investments and firms approving financial promotions. Following feedback to its Call for Input (CFI) on Consumer Investments which closed in December 2020, the FCA has published discussion paper DP21/1 which outlines proposals to strengthen financial promotion rules for high-risk investments. The […]
Papers galore!
Huw Reynolds Compliance 2021, Certification, Conduct, COVID-19, FCA, Gabriel, Pension, platform, protection, Senior Manager, SM&CR, Switch, transfer
It has been a busy month for papers and publications at the FCA. These include: New Consumer Duty CP The FCA is consulting on plans to introduce a new Consumer Duty, which aims to set a higher level of consumer protection in retail financial markets. The Duty will have 3 key elements: A new Principle – the […]