The FCA has published the Financial Services and Regulatory Initiatives Forum’s latest biannual Regulatory Initiatives Grid. This will allow the financial services industry and other stakeholders to understand and prepare for forthcoming initiatives over the next 24 months.
Key initiatives in the regulatory landscape include:
- FCA policy statement on Sustainability disclosure requirements and investment product labels to be published and the PSR policy statement finalising APP scam prevention policy issues and publishing its first set of performance data (Q4 2023);
- PRA consultation on the capital regime for Simpler Regime Firms and a policy statement on rule changes needed to implement the matching adjustments as part of Solvency II (Q2 2024);
- Consumer Duty to take effect for closed products on 31 July 2024; and
- Final group of PSPs will implement system to provide Confirmation of Payee service in October 2024.