FCA’s latest Handbook Notice outlines the rule changes it has made between June and September 2015. We have previously reported all key changes in FReD. FCA made changes to its rules in the:
- Senior Management Arrangements, Systems and Controls (SYSC) (Remuneration Code) (No.6) Instrument 2015: these changes took effect on 1 July and amended SYSC and the Supervision Manual (SUP) in respect of changes to implement the Parliamentary Commission on Banking Standards in respect of remuneration, in order to more closely align long-term risk and reward. The key changes include the extension of deferral periods for variable pay, and the introduction of specific clawback provisions;
- Individual Accountability (Solvency 2 and Consequentials) Instrument 2015: this makes changes to various modules of the Handbook on several dates between August 2015 and March 2017 and addresses the approved persons regime for Solvency 2 firms;
- Fees (Alternative Dispute Resolution Competent Authority) (Financial Ombudsman Service) Instrument 2015: this amends the Glossary and the Fees Manual from 25 September to allow FCA to charge FOS an annual levy to fund FCA’s functions as Competent Authority under the Alternative Dispute Resolution for Consumer Disputes (Competent Authorities and Information) Regulations 2015;
- Consumer Rights Act (CRA) Instrument 2015: this amends several modules of the Handbook from 1 October 2015 to bring it into line with the CRA. For details of the main changes, see FReD 2 October;
- Conduct of Business (Optional Additional Products) Instrument 2015: this amends the conduct of business modules in the Handbook from 1 April 2016 in respect of the ban on opt-out selling and Handbook Guidance on improved information for add-on buyers. For further information see FReD 2 October; and
- Consumer Credit (Amendment No 2) Instrument 2015: this amends various parts of the Handbook partly from 28 September and partly from 2 November, to advance FCA’s consumer protection objective.
The notice also provides feedback to the consultation on the CRA Instrument 2015 amendments to the Handbook, Enforcement Guide, and Unfair Contract Terms and Consumer Notices Regulatory Guide. (Source: FCA Handbook Notice 25)