FCA has made various changes to its Handbook following its Board meeting on 21 April. It made:

  • the Financial Conglomerates (Consequential Amendments) Instrument 2016. This took effect on 22 April and amends the Glossary, Senior Management Arrangements, Systems and Controls Sourcebook (SYSC) and the General Prudential Sourcebook (GENPRU). It removes overlap between FCA and PRA rules on the identification of a financial conglomerate and narrows the population of insurance and reinsurance undertakings to those authorised under Solvency 2;
  • the Prudential Sourcebook for Investment Firms (IFPRU) (Pillar 2 Amendments) Instrument 2016. This amends IFPRU from 22 April and gives FCA enhanced ability to demonstrate compliance with the Supervisory Review and Evaluation Process;
  • the Conduct of Business (COBS) (Pensions Supplementary Rules) Instrument 2016 takes effect on various dates and amends the Glossary, COBS and the Consumer Credit Sourcebook (CONC), reflecting changes from the pension reforms;
  • the Market Abuse Regulation Instrument 2016. This changes many modules of the Handbook from 3 July, and makes changes to ensure conformity with EU MAR particularly with regard to the disclosure of inside information. FCA has kept its guidance on market abuse as EU MAR does not change its views on many of the issues it addresses;
  • the Consumer Redress Schemes (CONRED) (General Material) Instrument 2016. This amends CONRED from 22 April to clarify how FCA will use various of its powers under FSMA;
  • the Compensation Sourcebook (COMP) (Amendment No 10) Instrument 2016. This amends the Glossary and COMP from 29 April. It increases FSCS protection for certain types of claim and clarifies the application of the rules to successor firms; and
  • the Enforcement Guide (EG) (Transparency Regulations 2015) Instrument 2016. This amends EG from 22 April and provides a decision-making mechanism in relation to applications for voting rights suspension orders.

(Source: FCA Handbook Notice 32)