FIN.

FCA updates regulatory initiatives grid

The FCA has published an interim update on its Regulatory Initiatives Grid. It had postponed the scheduled 8th edition because of the election and says that the replanning required as a result means that there won’t be a complete grid this year. The Financial Services Regulatory Initiatives Forum has therefore published an interim update covering what it currently knows or expects.

Highlights for expected publications before the end of 2024 include:

  • an “Incident, Outsourcing and Third-Party Reporting” consultation from the BoE;
  • an FCA policy statement on non-financial misconduct, followed by FCA and PRA policy statements on the remaining D&I proposals in 2025;
  • final rules and guidance on critical third parties;
  • policy to clarify information firms should submit when operational incidents occur;
  • data protection compliance toolkit;
  • review of effectiveness of prudential regime for non-systemic credit institutions;
  • review of remuneration regime;
  • revised FCA guidance on payments following change to PSRs in respect of payment delays;
  • replacement of PRIIPs assimilated law;
  • transfer of remaining CRR into PRA Rulebook;
  • update and timeline on advice guidance boundary review.

And, for Q1 2025:

  • review of treatment of vulnerable customers;
  • consultation on firm-led redress exercises;
  • update to cloud computing guidance;
  • review of FSCS limit;
  • consultation on regulation of commercial insurance market; and
  • pure protection market study.

Emma Radmore