On 4 July 2016, the FCA published its Quarterly Consultation No.13 (CP16/17), setting out minor proposed amendments to the FCA Handbook. The FCA also highlighted that it will monitor closely its policies in coming months to assess whether any changes are required as a result of any intervening changes in the UK regulatory framework following the UK’s vote to leave the EU.
Key proposed amendments in the consultation paper include:
- Minor changes to rules and guidance for firms conducting mortgages and home finance activity. For instance, there are amendments to the Glossary, Compensation sourcebook (COMP), Supervision manual (SUP) and Fees manual (FEES) to clarify that consumer buy-to-let (CBTL) activities are outside the scope of the Financial Services Compensation Scheme (FSCS). There are also amendments to the Mortgages and Home Finance: Conduct of Business sourcebook (MCOB) and Consumer Credit Sourcebook (CONC) clarifying the application of FCA rules to lenders selling their own mortgages.
- Changes to the regulatory reporting requirements are set out in the SUP manual. This includes a proposal to make it clear that consumer credit firms can use the FCA’s online system Connect (as well as email, post or hand delivery) to report their standing data.