FCA has made various changes to its Handbook following its Board meeting on 17 March and rules made by FOS on 9 and 16 March. Those instruments made by FOS have also been reflected by FCA changes to the Handbook. Regulators made the:

  • Small and Medium Sized Business (Credit Information) Instrument 2016, and Small and Medium Sized Business Credit Information (Fees) Instrument 2016, both taking effect on 1 April. The rules ensure compliance with legislation and introduce a fee regime for designated credit reference agencies;
  • Fees Manual (FOS Case Fees 2016/17) Instrument 2016, also taking effect on 1 April. This updates the lists of constituent firms in charging groups and makes minor changes to the volumes in the groups;
  • Mortgage Contracts (Legacy CCA) Instrument 2016 and Mortgage Credit Directive (Amendment No 3) Instrument 2016, both of which took effect by 21 March. The former brought pre-2004 first charge CCA loans into the mortgage regime (see above) and the latter reflected draft Treasury legislation for MCD implementation;
  • Peer-to-Peer Lending Instrument 2016, with the changes effective from 6 April to support the introduction of the Innovative Finance ISA and new regulated activity of advising on P2P agreements;
  • Training and Competence Sourcebook (Qualifications Amendments No 14) Instrument 2016. These changes, updating the appropriate qualification list, took effect on 18 March;
  • Fees (Payment Systems Regulator) Instrument 2016. These changes, affecting the funding of the PSR, will be effective from 15 April;
  • FSCS (Management Expenses Levy Limit 2016/17) Instrument 2016, which applies from 1 April and implements the new Management Expenses Levy Limit;
  • Client Assets Sourcebook (Amendment No 9) Instrument 2016. This update took effect on 21 March to simplify client money requirements for firms that operate loan-based crowdfunding platforms and hold money in relation to both regulated and unregulated P2P business;
  • Supervision Manual (Reporting) Instrument 2016, which takes effect partially on 31 March and is fully effective from 31 October. This instrument clarifies guidance notes and changes submission methods for compliance reporting; and
  • Prospectus Rules Sourcebook (Omnibus 2 Directive Regulatory Technical Standards) Instrument 2016, which is effective from 24 March and aligns the sourcebook with relevant RTS.

(Source: FCA Handbook Notice 31)