On 8 June 2016, the FCA published the minutes for its board meeting that took place on 20 and 21 April 2016.

Items of interest include:

  • Cyber Resilience - the Board concluded that the appropriate senior management ownership of security risk within the organisation should sit with the Chief Operating Officer in line with the Senior Managers Regime, with the Board retaining close oversight.
  •  Report from the Chief Executive - a report from Ms McDermott on three further items affecting the FCA in the Bank of England Bill. These include:
    • The formalisation of the role of the Treasury Committee in the appointment of the Chief Executive.
    • An obligation to give guidance in respect of how banks should treat Politically Exposed Persons (PEPs).
    • A proposal on the adjudication of disputes by the FCA between banks and individuals where those disputes arose from the treatment of individuals such as PEPs.
  • FCA regulatory remit in operational resilience for payments - a paper highlighting the FCA’s primary concerns with:
    • the impact on consumer and market integrity.
    • payment systems and providers which were and were not currently recognised or within the regulatory remit and the way the regulators supervised those that came within their respective perimeters.
    • FCA’s role in the event of an incident.
  • Communications Strategy - the Board agreed the strategic communications objectives for 2016/17.

The instruments introducing changes to the Handbook, as set out in the FCA’s Handbook Notice 33, published by the FCA last month, were introduced following approval by the Board during this board meeting.