FCA has made various changes to its Handbook following its Board meetings on 25 November and 3 December:

  • the Individual Accountability (Non-Solvency 2 Firms) Instrument 2015: this takes effect on various dates between 16 December 2015 and 7 March 2016 and amends several parts of the Handbook to reflect changes to the approved persons regime for insurers not subject to Solvency 2;
  • the Capital Resources and Professional Indemnity Insurance Requirements for Personal Investment Firms (No 2) Instrument 2015: this amends the Glossary, the Prudential Sourcebook for Mortgage and Home Finance Firms and Insurance Intermediaries (MIPRU), the Interim Prudential Sourcebook for Investment Firms (IPRU(INV)) and the Supervision Manual (SUP) from 30 June and 1 September 2016 and revises the capital resources requirements for personal investment firms (PIFs) to better enable them to recompense customers. FCA has made changes to make its requirements proportionate for firms that have different business models (see further details of FCA’s feedback below);
  • the Banking: Conduct of Business Sourcebook (BCOBS) (Amendment No 4) Instrument 2015: this amends BCOBS as well as the Conduct of Business Sourcebook (COBS) and the Glossary from 1 December to make comparisons between accounts easier for consumers (see further details of FCA’s feedback below);
  • the SUP (Notification Forms) (Amendment) Instrument 2015 amends SUP to improve the guidance and clarity of FCA forms and takes effect partly from 16 December and partly from 7 March 2016;
  • the Individual Accountability (Enforcement) Instrument 2015 amends the Glossary, the Decision Procedure and Penalties Manual and Enforcement Guide (EG) from 7 March 2016 to implement the Senior Manager Regime (SMR). See below for further detail;
  • the Accountability (Foreign Branches) Instrument 2015 amends several parts of the Handbook and the Perimeter Guidance from 7 March 2016 in respect of the SMR;
  • the Training and Competence Sourcebook (TC) (Qualifications Amendments No 13) Instrument 2015: this took effect on 4 December and updates the list of qualifications in TC;
  • the Personal Pension Scheme Operators (Capital Requirements) (Amendment) Instrument 2015 amends IPRU(INV) from 1 September 2016 to clarify FCA’s rules for Self Invested Personal Pensions operators;
  • the Mortgage Credit Directive (MCD) (Amendment No 2) Instrument 2015 amends several parts of the Handbook partly from 4 December and the rest from 21 March 2016 to implement the MCD and make other minor changes;
  • the SUP (Amendment No 21) Instrument 2015 amends SUP on various dates in respect of FCA reporting;
  • the Dispute Resolution: Complaints Sourcebook (DISP) (Amendment No 5) Instrument 2015 amends DISP from various dates up to 30 June 2016 in respect of complaints data collection, publication and reporting;
  • the European Long-Term Investment Funds (ELTIF) Regulation Instrument 2015 amends several parts of the Handbook from 9 December to adapt the UK regulatory framework to ELTIFs; and
  • the General Provisions (GEN) (Amendment) Instrument 2015 amends GEN from 4 December to help ensure cross-references, especially to PRA provisions, continue to work.

(Source: FCA Handbook Notice 28)