FCA makes new rules

FCA’s latest Handbook Notice confirms:

  • changes to the FSCS MELL effective from 1 April;
  • amendments to Consumer Duty rules: these changes result from questions FCA has received. The key clarifications confirm how the Duty applies to firms approving financial promotions, and confirm the Duty does not apply to activities where those activities are excluded in the relevant COB module. However, respondents did not think some of FCA’s suggestions for “clarification” were in fact helpful, so FCA is still thinking about how better to express its position;
  • Product Governance rules for Overseas Non-Investment Insurance Products, largely to disapply certain PROD 4 rules for firms distributing products overseas;
  • Amendments to MiIFDPRU and IPRU-INV to make certain clarificatory changes;
  • amendments to the derivatives trading obligation to remove derivative products referencing US LIBOR from scope; and
  • the new figures for applications and periodic fees. for DSPRs, TRs and Securitisation Repositories.

Emma Radmore