Emma RadmoreFCA’s latest Handbook Notice confirms rule changes its Board agreed in December, and the new motor finance complaints rules, as well as two changes agreed on 25 January. The two latest changes:
- update SUP 12.4 from 26 January to clarify how it interacts with MIPRU 3.2 in relation to PII cover and ARs. FCA has clarified that firms carrying on MCD credit intermediation must have PII cover for it, and this includes ARs. So the firm’s cover must include its liability for its ARs; and
- update chapter 8 of PERG to reflect the updated financial promotion exemptions for promotions to high net worth and self-certified sophisticated investors which take effect on 31 January. As a reminder, these changes increase the HNWI thresholds, amend the SCSI thresholds, provide for those who rely on the exemptions to provide specific details in their exempt communications and update the relevant investor statements.