FCA sets up new AML resource: FCA has set up a page on its website reminding firms of their obligations in relation to the prevention of financial crime, specifically money laundering. The page includes guidance for regulated firms that fall outside the scope of the Money Laundering Regulations. (Source: FCA Sets Up New AML Resource)
FCA consults on LA consumer credit fees: FCA is consulting on interim permission consumer credit fees for local authorities (LAs). The proposals affect local authorities that had not needed a licence for consumer credit activities under the Consumer Credit Act but would need one when consumer credit regulation transferred to FCA. These authorities would have been treated as having an interim permission provided they notified FCA of their need for it before 1 April and paid a fee. However, many did not have the time to do so as Treasury did not make its final regulations until mid-February. Treasury is planning legislation to extend the notification period to the end of September, and FCA is therefore proposing an extension to the interim fee regime. FCA wants comments by 12 June. (Source:FCA Consults on LA Consumer Credit Fees)
FCA creates payment systems page: FCA has set up a new page on its website highlighting the events it is holding around payment services regulation. (Source: FCA Creates Payment Systems Page)
FCA speaks on challenges and innovation: Martin Wheatley spoke on how innovation can work with regulation for the benefit of regulated firms and consumers. He said FCA was focusing on:
- how to draw a clear distinction between advisory and execution-only services. He promised a paper in June examining the issues;
- how to improve disclosures, following FCA's recognition that customers often do not read them. He looked at FCA's willingness to grant waivers from its rules for disclosures that did not comply with them, if firms could prove the alternative was better for consumers; and
- supporting innovation in the financial markets.
(Source: FCA Speaks on Challenges and Innovation)
FCA holds general insurance conference: FCA has held its first general insurance sector conference. Among the speeches:
- Martin Wheatley highlighted oversight in the London market, retail challenges and technological change;
- Clive Adamson looked at FCA's supervisory priorities and its focus on culture, product design and governance; and
- Christopher Woolard spoke on FCA's competition remit, its market studies and how it plans to promote competition in the interests of consumers.
(Source: FCA Holds General Insurance Conference)
FCA publishes consumer credit reporting information: FCA has published new information for firms that carry on consumer credit business explaining what reporting requirements will apply to them once they are fully authorised. (Source: FCA Publishes Consumer Credit Reporting Information)