The FCA has published Handbook Notice No.31 setting out changes made to the FCA Handbook by the FCA Board under its legislative powers on 17 March 2016, and rules and standard terms made by the Financial Ombudsman Service on 9 and 16 March 2016.
Some of the key instruments to note are:
- Small and Medium Sized Business (Credit Information) Instrument 2016 (FCA 2016/17) (FOS 2016/1) which comes into force on 1 April 2016 and makes changes to ensure consistency with the Business Enterprise & Employment Act 2015 aimed at improving access to SME credit data.
- Small and Medium Sized Business Credit Information (Fees) Instrument 2016 (FCA 2016/18) (FOS 2016/2) which introduces a fee regime for designated credit reference agencies and comes into force on 1 April 2016.
- Fees Manual (Financial Ombudsmen Service Case Fees 2016/17) Instrument 2016 (FOS 2016/3) which comes into force on 1 April 2016 and makes minor changes to the volumes in the group fee arrangements and updates the list of constituent firms.
- Fees (Payment Systems Regulator) Instrument 2016 (FCA 2016/20) which comes into force on 15 April 2016 and makes rules in relation to the 2015/16 regulatory fees funding the Payment Systems Regulator. It brings forward the date of the “on-account” payment date for larger firms to 15 March and sets out rules in relation to reporting requirements on payment system operators.
- Financial Services Compensation Scheme (Management Expenses Levy Limit 2016/17) Instrument 2016 (FCA 2016/21) which makes changes to implement the new Management Expenses Levy Limit for 2016/17 and comes into force on 1 April 2016.
- Mortgage Contracts (Legacy CCA) Instrument 2016 (FCA 2016/22) (FOS 2016/4) which makes rules to bring pre-2004 first charge CCA loans into the mortgage regime and comes into force on 21 March 2016.
- Mortgage Credit Directive (Amendment No 3) Instrument 2016 (FCA 2016/23) (FOS 2016/5)which came into force on 21 March 2016 and makes amendments to implement the Mortgage Credit Directive and reflect draft legislation laid by HM Treasury.
- Client Assets Sourcebook (Amendment No 9) Instrument 2016 (FCA 2016/24) which makes rules to simplify client money requirements for firms operating loan-based crowd funding platforms holding money in relation to both regulated and unregulated peer-to-peer businesses. This instrument came into force on 21 March 2016.
- Peer-to-Peer Lending Instrument 2016 (FCA 2016/25) (FOS 2016/6). This instrument makes changes to support the introduction of the Innovative Finance ISA and in relation to advising on peer-to-peer agreements. The changes seek to: (1) secure an appropriate degree of protection for consumers by clarifying required standards of disclosure; and (2) establish a regulatory regime for the provision of regulated advice on peer-to-peer agreements. This instrument comes into force on 6 April 2016.
- Supervision Manual (Reporting) Instrument 2016 (FCA 2016/26) which improves the guidance notes and submission methods for compliance reporting. This partly comes into force on 31 March 2016 and the remainder comes into force on 31 October 2016.