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FCA regulatory update – August 2021

FCA proposing changes to streamline decision-making

The FCA recently published a consultation paper proposing to move some decisions from the Regulatory Decisions Committee (RDC) to the Authorisations, Supervision and Enforcement Divisions, including:

  • intervening to impose a requirement on a firm, or to vary its permissions
  • making a final decision in relation to a firm’s application for authorisation
  • making a final decision to cancel a firm’s permissions
  • the decision to start civil or criminal proceedings

The RDC will continue to make decisions in relation to contested enforcement cases. The FCA want to hear any views on the proposed changes – the consultation closes on 17 September 2021.

FCA consults on post-Brexit divergence for PRIIPS regulation

On 20 July the FCA published a consultation paper proposing to make targeted amendments to the UK PRIIPs Regulation following changes made by the Treasury to the onshored legislation. The consultation sets out proposals to address the most pressing concerns about the effectiveness of the Regulation which have been identified through the Call for Input and ongoing supervision of the regime. The FCA’s changes aim to reduce potential harm to consumers as a result of inaccurate or misleading information in the PRIIPs Key Information Document. The FCA also propose rules to clarify the scope of PRIIPs regarding corporate bonds to increase the liquidity and choice of bonds to consumers on the secondary market.

Click here to read the consultation paper: PRIIPs – Proposed scope rules and amendments to Regulatory Technical Standards: https://www.fca.org.uk/publications/consultation-papers/cp21-23-priips-proposed-scope-rules-amendments-regulatory-technical-standards

Disclaimer

The contents of this article are taken from the Financial Conduct Authority’s (“FCA”) 19th August 2021 regulation round up communication and are communicated by, and the property of, Thornbridge. Thornbridge is a trading name of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

The information and opinions contained in this article are subject to updating and verification and may be subject to amendment. No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained in this article by Thornbridge Investment Management LLP or its directors. No liability is accepted by such persons for the accuracy or completeness of any information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained in this article.