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Regulation round Up: January 2017

Azariah takes a look at the FCA's latest installment

· Regulatory update,Fund managers,Consumer Credit

This month the FCA’s asset management market study is a hot topic. Back in November 2015, the FCA conducted a study which looked at whether investors get value for money from the sector. the regulator's findings raised concerns over weak price competition and a lack understanding from investors of fund objectives, performance and benchmarking.

Business continuity in the banking sector also took a leading role. The FCA had surveyed how resilient wholesale banks would be in the event of a third party platform outages and it found that firms had satisfactory business continuity planning for this type of event. Whilst it considered that banks' operational arrangements were broadly adequate, the FCA continues to encourage firms to have a robust client communication plan in place so that clients’ expectations can be appropriately managed in the event of a significant disruption such as this.

Also of interest:

  • MiFID II 
    • The Application & Notification user guide has been published, to assist and encourage firms who need to apply to be authorised for the first time under MiFID II. 
    • The FCA published its fourth consultation paper (CP16/43) on aspects of MiFID II implementation.
  • The FCA kicked off its Live & Local programme, which ran throughout February 2017. The programme was intended to help local firms engage with regulators. It held a series of events including workshops and roundtables, to bring firms greater clarity on their regulatory requirements.
  • A short update on the FCA's work on its review of the retained provisions of the Consumer Credit Act (CCA). 
  • A reminder that firms wishing to cancel their permission need to do so by 31 March 2017 in order to avoid being liable for next year’s annual fee.

Coming up

Later this year, the FCA will be reporting on the progress of the Financial Advice Market Review (FAMR) to the Economic Secretary to the Treasury, Simon Kirby as well as the FCA board.

Also on the radar is the FCA consultation on how it plans to extend the Senior Managers and Certification Regime to all sectors of the financial services industry.

The FCA will also conclude its review of the payday cap and call for input on high cost credit.

Finally, the FCA will publish its Mission statement alongside its annual business plan, which sets out its priorities and agenda for the year ahead.

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