The FCA has published its Regulation round-up for March 2016. This month’s edition highlights the importance of the Senior Managers & Certification Regime that came into force on 7 March 2016 and explains how it is positive for both firms and regulators.
A ‘hot topic’ this month is the Financial Advice Market Review (FAMR) that HM Treasury and the FCA published on 14 March 2016. The FAMR looked at the individual and collective steps which government, industry and regulators can take to stimulate the development of a market to deliver affordable and accessible financial advice and guidance to everyone. The FCA will consult on the specific aspects of the regulation which will come from these recommendations.
Other items of interest include:
- A reminder that all home finance firms should now have completed the MCD Data Collection form. The FCA published the intermediary details (person responsible for MCD intermediation and tied credit intermediary status) on the Financial Services Register on 21 March 2016.
- Mortgage and consumer credit firms not registered for consumer buy-to-let (CBTL) mortgage business will have a standard requirement, which specifies they are unable to carry on CBTL activity, added to their permission on 21 March 2016 and added to the Financial Services Register.
- The consultation paper on the Payment Account Regulations (PARs). The provisions in the PARs on switching, basic bank accounts and packaged accounts take effect on 18 September 2016. To reflect the new requirements, the FCA is proposing some amendments to its Handbook. It is also consulting on draft guidance on the definition of a ‘payment account’ for the purposes of the PARs and on how to implement the provisions on packaged accounts.