FCA publishes latest Handbook Notice

The FCA has published its latest Handbook Notice, which confirms the following updates:

• Introduction of criminal background checks on owners and controllers at the authorisation gateway. The change is in line with a FATF recommendation and takes effect from 17 January 2025.
• Amendments to the Complaints Sourcebook relating to the ongoing motor finance commission saga, including:
  • suspending the requirement on firms to send a final response to a motor finance non-DCA commission complaint until 4 December 2025;
  • giving consumers more time to decide whether to refer their complaint to the FOS; and
  • requiring firms to maintain and preserve relevant records.
• Technical amendments to the non-UCITS retail schemes rules to permit wider access to long-term asset funds;
• Under the Disclosure Guidance and Transparency Rules Sourcebook:
  • updates to the metadata filing requirements to the National Storage Mechanism (NSM), requiring Primary Information Providers (PIPs) to use a standard approach to transmitting information to the NSM; and
  • updates to the list of regulatory bodies that can disseminate information via PIPs free of charge.

There were also some minor administrative changes to sections of SUP and MIFIDPRU.