FCA makes new rules

In the FCA’s latest Handbook Notice, it confirms new rules made at its October Board Meeting to:

• ICOBS to increase the medical condition premium trigger point for consumers with pre-existing medical conditions to £200, and to stop firms from “brand stacking” in the directory;
• a minor update to SUP in respect of guidance on applications for cancellation of authorisation, mainly to reflect the fact that the FCA can take action against firms once they cease to be authorised;
• introduce the new CCR009 return and amend the notification reporting period for REP008 – the notice also highlights the FCA’s intention to introduce a further return for other consumer credit activities and which allow it to turn off further existing returns; and
• simplify the reporting requirements in COLL in light of the Consumer Duty.